Rahm

Barack's first choice.

WASHINGTON (AP) -- President-elect Barack Obama chose Illinois Rep. Rahm Emanual to be his White House chief of staff, his first selection for the new administration, Democratic officials said Wednesday.

From Rolling Stone:

It’s essential to note that Rahm and David Axelrod are also closest friends — speaking on the phone several times a day in a “sounding board” capacity, as Emanuel told me earlier in this cycle. With his bosom buddy as Obama’s gatekeeper, Axelrod may be able to enjoy his campaign haul basking on the shores on Lake Michigan.

Open question: What cut of $700 million did Axelrod & Co. take home? Hard to argue they didn’t earn the cut — whatever it is — but the figure could well be obscene.