it's a book many more should read, though I will admit that it is not the easiest book to read — for a number of reasons.
Since I read the book last year, I'll take this opportunity to give Dickie some hints on what to look for. He can find Bill Clinton's part in the scandal here, which regulators failed here (and what they are doing now), and, most of all, Fannie Mae and Friends here.
Most of the Democrats on that list have Obama connections. Obama asked Johnson to be on his vice-presidential search committee, but dropped Johnson after "it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage crisis". Franklin Raines has also advised Obama, at least informally. Clinton's wife works in the Obama administration. Thomas Donilon is currently Obama's National Security Advisor. Larry Summers was Obama's first head of the National Economic Council. Robert Rubin is one of Obama's part-time economic advisors. Richard Holbrooke served in the Obama administration as a special envoy, until his death last December. Thomas R. Nides is currently Obama's Deputy Secretary of State for Management and Resources. Peter Orszag was Obama's first head of the Office of Management and Budgeting.
Obama chose at least 2 people on that list to be informal advisors, and named 6 of them to official positions in his administration. (I think it likely that he would have found a place in his administration for Johnson and Raines, if it weren't for their legal problems.) It is almost as if helping destroy Fannie Mae and cause the 2008 financial crisis was a resumé-enhancer for our current administration.
Gretchen Morgenson, for those not familiar with her work, writes on business for the New York Times. Her political views aren't as obvious as those of many other "mainstream" journalists, but she appears to be on the left.
(I haven't read the Mclean/Nocera book and have mixed feelings about Joe Nocera. Unlike many "mainstream" journalists, he doesn't seem to be a hater, but he doesn't seem to be the most careful observer, either.)Posted by Jim Miller at May 12, 2012 01:25 PM | Email This