How Did Rahm Make His Millions in Investment Banking?

Carol Moseley Braun says that Rahm Emanuel’s rainmaking was the result of “rape and robbery"… before restating it as “pillaging and plundering.” Which, if either, was it?

Carol Moseley Braun isn’t going to win, but she has brought some moments of entertainment to what I’ve found to be a somewhat desultory mayoral primary campaign. Fortunately, she’s not letting up:

[F]ormer U.S. Sen. Carol Moseley Braun used the words “rape and robbery” to describe the way two of her rivals later used their government connections to make fortunes once they were in private business.

If you click through, there’s a nice picture of Moseley Braun, Emanuel, and Jesse Jackson talking over chicken and waffles.

It’s been a regular question in the campaign: how did Rahm Emanuel take home tens of millions of dollars in a couple years as a rookie investment banker? This 2008 piece in Barron’s by Jim McTague is a good introduction. It’s short, but it goes farther into his role than many of the articles I read. McTague argues that Emanuel’s finest hour as an i-banker was not the merger that created Exelon (the biggest deal Emanuel worked on), but a “tricky deal” that involved SBC’s required divestiture of an security company. In short, Emanuel convinced SBC to loan the purchaser 80% of the money required to buy the company, as financing was difficult to obtain in the wake of the Internet bubble. (The i-bank that bought SecurityLink sold it for a $500m profit six months later, according to a 2003 Trib article that’s also a good read on Emanuel’s rainmaking.)

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