Rahm - Obama Chief of Staff
Edward Whitacre
SBC Chairman Edward and staff picked up a residential security outfit in acquiring telecom Ameritech and was ordered in 2000 by the Federal Communications Commission to divest itself of the property. Ameritech had sunk $1.4 billion into the subsidiary -- SecurityLink -- and SBC thought it could sell it for about that much.
Instead, it ended up selling the unit in 2001 to an investment group represented by Emanuel for $479 million. Whitacre and the SBC board signed off on the deal. The investment group, which was made up of GTCR Goldner Rauner and Covert & Whall, sold the property six months later to Dennis Kozlowski's Tyco for $1 billion.
It was Emanuel's largest payday since he had left politics in 1998 for a stint as an investment banker. In two years, he amassed more than $16 million.
Bill Daley, Brother of Chicago's Mayor Daly, and Bill Clinton's commerce secretary was named SBC's president by Whitacre in 2001. His responsibilities, according to the official release, included regulatory matters, governmental initiatives, and external and international affairs. In other words, he became a lobbyist/door-opener for the corporation. He got a $1.1 million signing bonus from Whitacre, a starting salary of $600,000 and a bonus of no less than $600,000 in 2002, plus stock options, a country-club membership and a monthly car allowance, including free fuel and maintenance.
And now Whitacre is the Chairman of GM.
So much for "Change - Yes We Can" - just more political insider fortunes off the back of the working man.
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