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Snortalicious: Chicago corruptocrat/Fannie fat cat William Daley wears Occupier costume

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By Michelle Malkin  •  October 17, 2011 01:56 PM

Looks like every last Obama administration official is dressing up as an Occupier for Halloween — no matter how ridiculous the costume looks.

Chicago corruptocrat, former JPMorgan Chase banker, and Fannie Mae crony William Daley is the latest to step out in drag.

They’ll do anything, say anything, wear anything.

Trick or treat!

White House Chief of Staff Bill Daley slammed Wall Street Monday for its “disconnect” with the economic distress happening in America.

Daley, himself a former regional chairman of JPMorgan Chase, criticized Wall Street for its outsize influence in the nation’s affairs in an interview with the New York Times.

“A lot of people in the financial sector have done quite well, I being one of them. And the influence that the financial sector has on our economy is way beyond what it ever had. And there’s a bad side to that,” he said.

Funny, I don’t recall these Occupy Wall Street protesters raising their voices against Daley and we’ve heard barely peep about the Fannie/Freddie bailouts from them.

The Occupy Wall Street movement and its Wall Street bundler-backed White House cheerleaders are transparent posers.

Some of us have consistently opposed these trillion-dollar handouts and redistributions of wealth for years and held politicians in BOTH parties accountable (see all the TARP links in my Nose Plugs post today, for example).

Some of us were protesting when it countedBEFORE bailout-palooza broke out and bipartisan Chicken Littles put a gun to taxpayers’ heads to engineer the pre-socialization of the economy for Barack Obama.

(Memo to Mogulite editor Amy Tennery: Why don’t you actually read what I’ve been writing about crony Big Biz/Big Government bailouts from BOTH PARTIES over the last two decades before making yourself look really, really, really stupid?)

As I said in November 2008, we need a fiscal conservative counterinsurgency that fights with foresight, not in hindsight.

What we don’t need: More aimless Alinskyites camping out on the taxpayers’ dime who would do nothing to change the bipartisan Beltway infrastructure that rewards more failure.

***

Flashback: January 5, 2011

Chicago on the Potomac
by Michelle Malkin
Creators Syndicate
Copyright 2011

No matter how you rearrange President Obama’s inner circle, it still looks, smells and tastes like a rotten Chicago deep-dish pizza.

Ready for the latest topping on this moldy old pie? It’s a possible chief of staff slot for Wall Street banker/lawyer/wheeler-dealer William Daley, brother of outgoing Chicago mayor/machine politics mastermind Richard M. Daley (also the former boss of White House senior adviser Valerie Jarrett and first lady Michelle Obama), whose retirement paved the way for former Obama chief of staff and Chicago mayoral candidate Rahm Emanuel. Phew.

The White House is reportedly looking to manufacture a “pro-business” aura with Bill Daley, who holds a “corporate responsibility” executive office at J.P. Morgan and once headed the U.S. Chamber of Commerce (clarification: Daley is a director of the U.S. Chamber of Commerce)– the latter, a left-wing hate object and Obama punching bag leading up to the midterms.

But the Beltway-based Chamber of Commerce is too often a fair-weather statist lobbying organization. It supported the TARP all-purpose bailout, the auto bailout and the bottomless, pork-filled stimulus package, all of which have forcibly redistributed money from taxpayers and small businesses to politically connected special interests (including Daley’s J.P. Morgan, which was most recently swept up in a massive pay-to-play bond scheme in Alabama).

Daley has about as much real experience creating jobs as Da Boss now sitting at 1600 Pennsylvania Ave — which is to say, less than a thimble full. (It’s a New Year. I’m being generous.) In 2009, the head of Chicago’s sanitation department implicated Daley in a hiring corruption scheme tied to his brother’s mayoral administration. The official was convicted; Daley shrugged off the federal probe. “Even if it happened — and I’m not saying it did — things were different. There was nothing illegal about that stuff.”

Instead of distancing himself from the favor-trading Wall Street fat cats who have earned the ire of both anti-bailout tea party activists and anti-corporate liberals, Obama remains wedded, embedded and indebted to the worst kind.

Daley has served on the board of government-sponsored financial behemoth Fannie Mae since 1993. Like the Richard Daley machine in Chicago, Fannie Mae in Washington has served as an industrial-sized patronage factorysharing profits with political allies, spreading taxpayer funds to ethnic groups, and doling out jobs to left-wing academics, Washington has-beens and back-scratching buddies. Like Daley. And close Obama adviser Jim Johnson, the Fannie Mae exec who got sweetheart loans from shady subprime lender Countrywide.

While they raked in six-figure salaries, Fannie Mae and government-sponsored sibling Freddie Mac engaged in Enron-style accounting, plunged into debt and helped usher in the subprime housing meltdown through reckless lending practices.

Bill Clinton, the man who appointed Daley to the Fannie Mae board, also appointed Emanuel to the Freddie Mac board of directors at a time when its oversight manager called the quasi-governmental agency “so pliant” that it enabled rampant book-cooking. Freddie Mac’s stock skyrocketed; its CEOs helped themselves to massive bonuses. Emanuel’s hometown paper, the Chicago Tribune, exposed how Emanuel’s “profitable stint” during this corruption-plagued period entailed almost no work:

“The board met no more than six times a year. Unlike most fellow directors, Emanuel was not assigned to any of the board’s working committees, according to company proxy statements. Immediately upon joining the board, Emanuel and other new directors qualified for $380,000 in stock and options plus a $20,000 annual fee, records indicate.”

On Emanuel’s watch, executives told the board of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass.

And now the torch may be passed in an endless Windy City circle, from Daley to Emanuel, from Emanuel to Daley, with Obama supplying the lighter.

And ’round and ’round it goes in Chicago on the Potomac. Remember: When Crony State corruptocrats brag about “job creation,” the only jobs they’ve ever created are each other’s.

***

Like I always say: You can take Obama out of Chicago. But you can’t take the Chicago out of Obama.

The Chicago Tribune’s indefatigable chronicler of corruption John Kass is having a field day with the William Daley trial balloon:

The Emanuel appointment was the first honest indicator that the Obama White House had a new Washington address:

1600 Chicago Way.

And a Daley appointment will punctuate that. For all the blah-blah-blah about Billy Daley bringing Obama to the center, there’s one thing the analysts forget.

To the Daleys, the political center is Chicago, their ancestral land.

So Billy goes out to Washington to run Barack’s government, and Rahm — the guy Billy’s been supporting for mayor — slides in to run Chicago for Billy’s brother, Mayor Richard Daley.

I asked a Chicago alderman about this when I bumped into him on Tuesday.

“I was talking to my wife about it, and we were saying, is this some kind of plan?” said the alderman. “Rahm runs the city. Billy runs the White House. I mean, really.”

Don’t get upset about it. And stop with the cynicism. The last thing we need is another trip to Negativity Land. Instead, let’s just trim some more tender Hopium leaves from that Happy Obama Chia head green-fro and light up.

Tamp down that bowl. A Daley from Chicago fixing “the broken politics of the past” in the reform Obama White House?

Awesome, dude.

“Bill is a friend of mine,” Emanuel told reporters at City Hall on Tuesday. “We worked together when I was in President Clinton’s White House. … He remains a good friend of mine, and he’s quite capable.”

Clearly. And if it was fitting to have Daley machine guys running Obama’s Chicago Way White House, isn’t it even more fitting to have a real, honest-to-goodness Daley in there running things?

Still, we shouldn’t stop with just one Daley. Rich will need a job, too. He can’t spend all his time on corporate boards or at Grand Beach on the phone with Rahm, telling him what to do.

How about Richard Daley, attorney general?

***
Daley machine flashback: The Chicago way: “Why are we having a fire sale on everything in the city?”

Chicago crony flashback: The resurrection of Rod Blagojevich

Chicago crony flashback: No shady banking buddy left behind

Chicago crony flashback: Corporate shills for hope and change

Chicago crony flashback: Michelle Obama: “Private” citizen with piles of public perks

Chicago crony flashback: The shady Shorebank bailout

Chicago crony flashback: Chicago shuffle in the East Wing: Meet Mrs. O’s high-powered, Soros-friendly bundler-turned-chief of staff

Chicago crony flashback: No peace in Chicago’s Altgeld Gardens: What Obama and Jarrett left behind

Daley machine flashback: How do you spell wealth redistribution? Tax-increment financing

Chicago crony flashback: Gibbs on Chicago Olympics Crony bid: “Tangible economic benefits;” Jarrett seeking federal HUD funds

Chicago crony flashback: An illustrated guide: All the president’s Olympic cronies

Chicago crony flashback: Olympic-sized boondoggle: What Valerie Jarrett and Michelle Obama are up to

Chicago crony flashback: What the NYT’s 8,100-word Valerie Jarrett profile didn’t tell you

Chicago crony flashback: Axelrod’s profits: Uh, who’s on the take from the drug lobby again?!?!

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