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democratic national committee
Rahm Emanuel Made Alarming Stock Trades as Ambassador to Japan
A report on the "suspiciously timed" trading comes as the longtime party insider mulls a run for Democratic National Committee chair.
Nov 19, 2024
"Siri, what is insider trading?"
That's how one reader responded to Tuesday reporting by The American Prospect's Daniel Boguslaw that Rahm Emanuel, who is supposedly mulling a bid for Democratic National Committee (DNC) chair, made some concerning financial moves while in his current government job.
Emanuel is the U.S. ambassador to Japan. He was previously the mayor of Chicago, a Democratic Illinois congressman, and a key adviser to former Presidents Barack Obama and Bill Clinton. While in the House of Representatives, he chaired the Democratic Congressional Campaign Committee and then the party's caucus in the chamber. He's also been an investment banker.
As Boguslaw detailed Tuesday:
Periodic transaction reports filed with the Office of Governmental Ethics over the past two years suggest that Chicago's golden boy may be better served returning to his roots on Wall Street, given the six-figure trades he executed at highly opportune moments in U.S.-Japanese trade relations.
Among the millions of dollars of stock trades Emanuel conducted between 2021 and 2024 while serving as ambassador, one purchase jumps out. On September 29, 2023, Emanuel bought between $250,000 and $500,000 worth of stocks in CoreWeave, a leading AI cloud computing service.
Emanuel's purchase took place one day before the Japanese government announced a $320 million subsidy to Micron Technology to manufacture storage components that are essential to the Nvidia chips which CoreWeave relies on for its AI computation services.
Emanuel "purchased between $100,000 and $250,000 worth of Ocient stock on March 8, 2024, before the close of the firm's series B raise," after the Illinois "data analytics company's CEO Chris Gladwin traveled to Japan in October on a trade delegation mission," Boguslaw noted. "At the end of July, Rahm also purchased between $50,000 and $100,000 worth of stock in Monroe Capital, a Chicago-based middle-market lender that specializes in collateralized debt obligations, the Frankenstein financial product that crashed global markets in 2008."
While Emanuel did not respond to the Prospect's request for comment, Jeff Hauser, executive director of the Revolving Door Project, declared on social media that it was a "MASSIVE STORY!"
Hauser told Common Dreams that "being ambassador to Japan is a big job, but normally owing to its importance to America's relationship with a key ally in a critical area of the globe, and not because of the access it apparently provides to actionable stock tips."
"Ambassador Emanuel's brain ought to have been focused on improving America's lot in East Asia, not maximizing his retirement account," he said. "We at Revolving Door Project have long argued that senior government officials should be limited to investing in diversified mutual funds rather than stock by stock. That Emanuel was making exotic investments in businesses he may have learned about on the government's dime only underscores the need for such reforms."
"If Democrats are to ever put a full and final end to Trumpism, they are going to need to develop a clear and consistent critique of why corruption by public officials is a bad thing. That would make Rahm Emanuel among the worst possible choices for DNC chair, especially since Sen. Menendez seems likely to be unavailable for the position," Hauser added, referring to Bob Menendez, a former Democratic senator from New Jersey who in July was convicted of taking bribes.
As Common Dreamsreported last week, progressive critics of Emanuel have called his potential leadership of the DNC—after various devastating losses for the party on Election Day earlier this month—a "sick joke" and "the worst idea in the world."
Noting Emanuel's consideration of the job in an email to supporters on Tuesday, Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) said that "there is a disease in Washington of Democrats who spend more time listening to the donor class than working people. If you want to know the seed of the party's political crisis—that's it."
"The DNC needs an organizer who gets people," she asserted. "Not someone who sends fish heads in the mail."
Martin O'Malley, a former Democratic presidential candidate and Maryland governor, and Ken Martin, the Minnesota Democratic-Farmer-Labor Party chair and a DNC vice chair, have both formally launched their campaigns for the position.
Other potential contenders for the DNC post include Wisconsin Democratic Party Chair Ben Wikler and Chuck Rocha, a political strategist for the latest campaign of Sen.-elect Ruben Gallego (D-Ariz.) and the presidential campaign of Sen. Bernie Sanders (I-Vt.).
Sanders, who caucuses with Democrats, said after the elections earlier this month that "it should come as no great surprise that a Democratic Party which has abandoned working-class people would find that the working class has abandoned them."
According toCBS News:
Rocha said he's still waiting to see how the field develops before jumping in, and "if there's a better candidate that really stands for what I want to see done with the party."
But Rocha has set several action items he would take as chair: eliminate education requirements for senior DNC positions, mandating that state parties "be more inclusive" and diverse with consultant hiring, and to focus on building party infrastructure in all 50 states.
Asked about Martin's and O'Malley's campaigns, Rocha called them "names that are from the institution."
"I think we need somebody from the outside and a strategist to come in and rebuild the party," said Rocha, who noted that his non-college background and upbringing in East Texas could be an advantage as the party looks to reconnect with working-class voters.
Politicoreported Tuesday that another Sanders ally, James Zogby, "expects to formally launch his campaign in the coming days."
A longtime DNC member and president of the Arab American Institute, Zogby told Politico that he was motivated to run by his anger over Republican President-elect Donald Trump's defeat of Democratic Vice President Kamala Harris.
Zogby criticized Harris for campaigning with former Rep. Liz Cheney (R-Okla.), said the Democratic Party was too "focused on suburban women and not on white working-class people," and called the decision to not invite a Palestinian American to speak at the national convention "unimaginative, overly cautious, and completely out of touch with where voters are."
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'Sick Joke': Progressives Roundly Reject Idea of Rahm Emanuel as DNC Chair
"No amount of rebranding can change the fact that Rahm Emanuel's political career has been an abject failure—neoliberal centrism is exactly the wrong direction for the Democratic Party," said one critic.
Nov 15, 2024
Progressives were left fuming and flummoxed over reporting Friday that Rahm Emanuel is considering running for chair of the Democratic National Committee, with many leftists wondering whether the party has learned anything from its loss of the White House, Senate, and, arguably, the country's working-class voters.
Axiosfirst reported that Emanuel—President Joe Biden's ambassador to Japan and a former congressman, Chicago mayor, and chief of staff to former President Barack Obama—is mulling whether to seek the top DNC post. Current DNC chair Jamie Harrison, who was elected to the post in 2021, is unlikely to seek a new term, which would begin in March.
Emanuel has some powerful backers among the war-and-Wall Street wing that has dominated the Democratic party for decades.
"If they said, 'Well, what should we do? Who should lead the party?' I would take Ambassador Rahm Emanuel, and I would bring him back from Japan, and I would appoint him chairman of the Democratic National Committee," prominent political consultant David Axelrod, who ran both of Obama's successful presidential campaigns, said Wednesday on his podcast.
Axelrod followed up the next day with a post on X, the social platform formerly known as Twitter, in which he wrote of Emanuel, "Dude knows how to fight and win."
Reaction came fast and furious, with Jonathan Cohn, policy director at the group Progressive Massachusetts, asking on the social network Bluesky, "How is this not a sick joke?"
Center for International Policy executive vice president Matt Duss, a former foreign policy adviser to Sen. Bernie Sanders (I-Vt.) writing on X that "if you assembled a team of top scientists and told them to come up with a plan to ensure that the Democratic Party continues to lose working-class voters, I doubt they could do better than 'Make Rahm Emanuel head of the DNC.'"
Comedian, author, and podcaster Kate Willett
said on X: "If I had to pick one individual who set the stage for what seems like it may be decades of Trumpism, it's Rahm Emanuel. Imagine if Obama had saved peoples' homes in 2008 and put the bankers in jail? Truly fixed healthcare? Rahm worked diligently to make sure that didn't happen."
Miles Kampf-Lassin, the senior editor at the progressive website
In These Times, wrote, "I've said it before and can't believe I have to say it again: No amount of rebranding can change the fact that Rahm Emanuel's political career has been an abject failure—neoliberal centrism is exactly the wrong direction for the Democratic Party."
Hafiz Rashid argued Friday in a
New Republicarticle that, if he wins the post, Emanuel could be "the worst possible DNC chair."
"The fact that Emanuel has been disconnected from local and state politics for years... seems unlikely to help," Rashid asserted. "Democrats are currently expected to tap someone with expertise at the grassroots level and an understanding of how Democrats are winning elections now—two things Emanuel sorely lacks."
Apparently questioning the strategic wisdom of Vice President Kamala Harris' failed Democratic presidential run, Warren Gunnels, a staff director for Sanders,
said on X, "Ruling Elite: Let's get Dick Cheney's endorsement and anoint Rahm Emanuel as DNC Chair."
"One word," he added. "No."
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DNC Chair Jaime Harrison Calls Sanders Critique of Election Loss 'Straight Up BS'
"Typically, after a major electoral defeat," said one progressive strategist, "party leaders step aside to create opportunities for fresh perspectives and voices that haven't yet had a chance to lead."
Nov 07, 2024
After U.S. Sen. Bernie Sanders offered his perspective on why Vice President Kamala Harris lost both the popular vote and Electoral College to President-elect Donald Trump in Tuesday's election—repeating his consistent warning that the Democratic Party must center economic justice—top official Jaime Harrison signaled once again that the party is unlikely to hear Sanders' call.
Harrison, the chair of the Democratic National Committee and a former lobbyist for clients including Bank of America and BP, called Sanders' statement "straight up BS" and touted pro-worker policies embraced by the Biden-Harris administration, suggesting that the party has sufficiently worked for economic justice—and appearing to ignore all evidence that working-class voters gravitated toward Trump and the Republican Party.
"[President Joe] Biden was the most-pro worker president of my lifetime—saved union pensions, created millions of good-paying jobs, and even marched in a picket line," said Harrison.
Biden has been praised by progressives and labor unions for establishing pro-worker rules on overtime pay and noncompete agreements, urging Amazon workers in Alabama to unionize, presiding over a National Labor Relations Board that investigated numerous unfair labor practices by large corporations and sided with workers, and becoming the first U.S. president to walk on a picket line with striking workers.
He also worked closely with Sanders on one of his signature pieces of legislation, the Build Back Better Act, which would have invested in expanded child tax credits, public education, and free community college, among other provisions—but the bill was torpedoed by right-wing U.S. Sen. Joe Manchin (I-W.Va.), then a Democrat, and the Republican Party.
In his statement on Thursday, Sanders said "it should come as no great surprise that a Democratic Party which has abandoned working-class people would find that the working class has abandoned them."
He asked whether the "well-paid consultants who control the Democratic Party" would "learn any real lessons from this disastrous campaign?"
"Probably not," he added.
While Harris included in her platform plans to end price-gouging in the food industry, expand the child tax credit, and extend Medicare coverage to home healthcare, dental, and vision care, she alarmed progressive advocates by proposing a smaller capital gains tax for wealthy Americans.
As Common Dreamsreported on Thursday, Biden advisers have also posited this week that Harris muddied her early message that Trump was a "stooge of corporate interests" by elevating billionaire businessman Mark Cuban as one of her top surrogates.
Whether Democratic leaders including Harrison will listen to those concerns from Biden's inner circle remains to be seen, but he expressed hostility when the message came from Sanders.
"There are a lot of post-election takes and this one ain't a good one," said Harrison.
Journalist Mitchell Northam noted that the Democratic Party has studiously ignored and expressed hostility toward Sanders' call for centering economic justice and cutting ties with Wall Street since the 2016 election, when the senator ran for president as a Democrat.
Sanders' message this week got an unlikely boost from conservative New York Times columnist David Brooks, who in 2020 dismissed the veteran, consistently popular senator as "useless" and "marginal."
"I like it when Democratic candidates run to the center," wrote Brooks. "But I have to confess that Harris did that pretty effectively and it didn't work. Maybe the Democrats have to embrace a Bernie Sanders-style disruption—something that will make people like me feel uncomfortable."
Philadelphia Inquirer columnist Will Bunch applauded Brooks' "striking moment of self-awareness."
Progressive Democratic strategist Waleed Shahid expressed hope that Democratic leaders such as Harrison will do the same.
"Typically, after a major electoral defeat," he said, "party leaders step aside to create opportunities for fresh perspectives and voices that haven't yet had a chance to lead."
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