Financial disclosure shows Rahm Emanuel continues to fail
CHICAGO – It’s no secret that public service helped make former mayor Rahm Emanuel a very wealthy man.
He made thousands upon thousands as a corporate banker after leaving the White House, received reasonably top notch money as a marketing consultant, and even got a $ 77,000 advance for writing a guidebook. revisionist history, in accordance with his personal financial disclosure statement submitted in April before Emanuel was chosen by President Joe Biden to become U.S. Ambassador to Japan.
Nestled in that disclosure is a fascinating gig on Emanuel’s side linked to his tenure as mayor and influence within the Biden administration that has not been covered as much in national reporting on his personal finances. because the $ 300,000 he received was paid as an ABC News politician. talking head.
But, to me, Rahm’s gig at GoHealth – an agency that was part of his first term “signing initiative” known as Skills for Chicagoland’s Future – is another example of why the America doesn’t want the help of a political alchemist who turns his advocacy for public policy into big paychecks.
GoHealth earns money through the use of proprietary software to channel leads to medical insurance companies. And one of the vital threats to corporate operations is government-sponsored medical insurance claims for “Medicare for All,” according to public records.
In 2013, Emanuel congratulated GoHealth at a mayor’s briefing convention for being “uniquely positioned as a leader in a fluid and changing market and is well positioned to continue its success in the city”.
In February 2020, the former mayor of Chicago joined GoHealth as an “independent manager” on the board of directors of the publicly traded company.
It was about 4 months after Emanuel – who had quietly advised Biden’s profitable presidential marketing campaign while supporting his views on ABC News – wrote a Washington Post op-ed titled “Someone has to say it: the Medicare for all is a pipe dream.
He earned $ 150,431 in “directors’ fees, as well as shares valued between $ 265 and $ 550,000, according to the disclosure statement filed in April.”
Over 11 months in 2020 – a year plagued by a pandemic that included millions of Americans losing health insurance benefits – Emanuel’s total compensation from GoHealth was $ 763,514, according to public records. And in May, Emanuel landed 11,905 more shares.
The link between Mayor Emanuel’s agenda and ‘what’s best for America’ experts with his for-profit ‘consultation’ and his voice on boards is a detail that major news outlets are glossed over as if it wasn’t indicative of a disturbing pattern found in the way Emanuel operates. .
Rahm isn’t just a failed mayor whose administration covered up video of a black teenager murdered by a Chicago cop until his hotly contested re-election bid ended in victory.
He is a know-it-all power broker and tyrant who continues to profit personally despite the trail of setbacks and racial and class inequalities left behind the policies he has encouraged.
It is always worth repeating that Emanuel was the co-architect of the “three strikes” crime bill that led to the mass incarceration of African Americans, the North Free Trade Agreement. American who sent American jobs across borders and the so-called welfare reform that made extreme poverty worse.
When news broke that the 2020 census showed Chicago’s population had increased slightly, even though black residents had fled the city, Emanuel quickly bragged that the population count “confirms” his success. city recovery strategy.
Truly? For who?
Certainly not for Chicagoans living in poor, crime-ridden minority neighborhoods deep in food and medical and mental health deserts.
But do you know who loves Rahm Emanuel?
The elite and American companies, such as GoHealth, who hired Emanuel citing his “monetary background and a few years of management expertise”. These included the 13-month stint of the former mayor on Freddie Mac’s board from 2000 in a scandal some economists cite as the start of the country’s economic collapse; and his stint on the board of the Chicago Mercantile Exchange, which then brought in more than $ 270,000 to its campaign fund.
Like some of Rahm’s previous public and private jobs, he left GoHealth a bit richer and his employer in poorer shape than when he arrived.
GoHealth went public in July 2020 with a price of $ 21.30 per share and a first public offering that raised a “blockbuster” of $ 914 million which has so far not borne fruit for investors.
On August 27, GoHealth’s share price was $ 4.76 and had net income of $ 44.4 million in the past four quarters.
Emanuel resigned his seat on the GoHealth board three days later in order to represent the United States in Japan if he obtained the blessing of the United States Senate.
The guy continues to fail.
Mark Konkol, 2011 Pulitzer Prize winner for local reporting, wrote and produced the Peabody Award winning series “Time: The Kalief Browder Story”. He has been a producer, screenwriter and narrator for the “Chicagoland” docuseries on CNN and a consulting producer on the Showtime documentary “16 Shots”.
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