Just about the time that housing loan giant Freddie Mac began to dole out money to people whose prospects of paying it back were about as good as hitting "21" in Blackjack, newly minted White House chief of staff Rahm Emanuel was sitting on the board of directors of that august institution overseeing the budding catastrophe.ABC News: President-elect Barack Obama's newly appointed chief of staff, Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when scandal was brewing at the troubled agency and the board failed to spot "red flags," according to government reports reviewed by ABCNews.com. According to a complaint later filed by the Securities and Exchange Commission, Freddie Mac, known formally as the Federal Home Loan Mortgage Corporation, misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002. Emanuel was not named in the SEC complaint (click here to read) but the...(Read Full Post)