Career in Finance
After serving as an advisor to Bill Clinton, in 1998 Emanuel resigned from his position in the Clinton administration and joined the investment banking firm Wasserstein Perella, where he worked until 2002. Although he did not have an MBA degree or prior banking experience, he became a managing director at the firm’s Chicago office in 1999, and according to Congressional disclosures, made $16.2 million in his two-and-a-half-years as a banker. At Wasserstein Perella, he worked on eight deals, including the acquisition by Commonwealth Edison of Peco Energy and the purchase by GTCR Golder Rauner of the SecurityLink home security unit from SBC Communications.
Emanuel was named to the Board of Directors of the Federal Home Loan Mortgage Corporation (Freddie Mac) by President Clinton in 2000. He earned at least $320,000 during his time there, including later stock sales.
During Emmanuel's time on the board, Freddie Mac was plagued with scandals involving campaign contributions and accounting irregularities. The Obama Administration rejected a request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director. The Office of Federal Housing Enterprise Oversight later accused the board of having "failed in its duty to follow up on matters brought to its attention." Emanuel resigned from the board in 2001 when he ran for Congress.
Read more about this topic: Rahm Emanuel
Famous quotes containing the words career and/or finance:
“It is a great many years since at the outset of my career I had to think seriously what life had to offer that was worth having. I came to the conclusion that the chief good for me was freedom to learn, think, and say what I pleased, when I pleased. I have acted on that conviction... and though strongly, and perhaps wisely, warned that I should probably come to grief, I am entirely satisfied with the results of the line of action I have adopted.”
—Thomas Henry Huxley (1825–95)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)