The Chief's Chief

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Rahm Emanuel Chosen as Chief of Staff

The llinois Congressman has accepted the job as President-elect Barack Obama's chief of staff.

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Obama has clearly calculated that Emanuel's connections to the financial scandal are fleeting and not disqualifying. But they may yet be a vulnerability. In his career, Emanuel is among the top 25 members of the House or Senate when it comes to receiving campaign contributions from Fannie Mae and Freddie Mac -- a total of $51,750.

And his prowess on Wall Street has translated into campaign cash for himself and others. He raises more money from the financial industry than from any other.

The man whom Emanuel will replace in a few months has spent the past two years battling the Chicago politician. Bolten leaves with a healthy admiration for his skills, saying he is "unusually smart. He is effective. He's a good tactical and strategic thinker. And he's very funny."

Bolten and Emanuel are not close friends. But they have shared a Nats game together. Bolten had the tickets, but Emanuel insisted on paying for his. But if Bolten thought they would talk only baseball -- not politics -- he was mistaken.

"He's got a mind that doesn't shut off. He was just a string of entertainment," Bolten said. A string of entertainment or a string of something else?

Bolten laughed.

"That, too," he said.

Staff writers Paul Kane and Alec MacGillis and research editor Alice Crites contributed to this report.