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Latest read: On the Brink

A financial crisis is a terrible thing to waste. Treasury Secretary Henry Paulson faced the largest crisis in our country’s modern history with a great opportunity.  His first hand account of the near collapse of our financial economy is detailed in On the Brink: Inside the Race to Stop the Collapse of the Global Financial System.
on the brinkHis strongest writing are the 20 pages in the book’s Afterward, written one year after his departure from Treasury with the opportunity to look back and reflect upon the events and the solutions including TARP and the role of the G20.

Paulson was certainly the right type of person for the job having served as the former Chairman and Chief Executive Officer of Goldman Sachs.  He previously served in the Nixon administration as an assistant to John Ehrlichman during the Watergate scandal.

Although reluctant to accept the job as United States Treasury Secretary under George W. Bush, Paulson acknowledged upon his arrival in Washington a credit crisis was on the horizon.  Clearly Paulson notes he was naive of regulatory powers in Washington and any suggestions of financial reform in an election year were all dead on arrival.

It’s worth repeating that between March and September 2008, eight major US financial institutions failed — Bear Stearns, IndyMac, Fannie Mae, Freddie Mac, Lehman Brothers, AIG, Washington Mutual and Wachovia.  Six of them in September alone.
Paulson jumps right out of the gate on page 1 as all Americans would have wanted:

Do they know it’s coming Hank? President Bush asked me.  “Mr. President we’re going to move quickly and take them by surprise.  The first sound they’ll hear is their heads hitting the floor….For the good of the country I proposed we seize control of the companies, fire their bosses and prepare to provide $100 billion of capital support for each.”

Regrettably its not Wall Street but rather Fannie Mae and Freddie Mac, the government backed lending institutions (GSEs) that Paulson is addressing.  Paulson should could have done the same for Lehman, Bear Stearns.and ALL the other institutions since they received taxpayer money to keep them afloat….on their yachts.
–When you learn that someone at a financial company made a 1 Billion bonus (yes a billion for one person) you can see where the ship was heading…right into the rocks.

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Education Reading Vietnam War Watergate

Latest read: In Nixon’s Web

Of all the books written about Watergate and the domino effect those crimes left upon the federal government comes a rather late entry:  In Nixon’s Web: A Year in the Crosshairs of Watergate.

This was is a rather interesting read since L. Patrick Gray wrote his first hand account leading the FBI as Watergate unfolded.

Gray was a political appointment to the FBI by Nixon following the death of J. Edgar Hoover, the FBI’s only Director who served over 48 years as the top federal law enforcement officer to appointed by President Calvin Coolidge.

To many inside the FBI his appointment was considered a shock since he was not a career FBI agent, but rather a former Navy officer who left the armed services to campaign for Nixon.

Gray’s son Edward has authored a website regarding the book.  There are interesting segments not only about Gray’s life before the FBI but also his management style that came from his Navy background as a skipper of subs during WWII and the Korean War.  Nixon appointed Gray Assistant Attorney General for the Civil Division in the Department of Justice.

Gray’s biggest lesson from Watergate was, as a life long Republican he was ultimately sacrificed by Nixon’s WhiteHouse over his confirmation hearings with the Senate.  He was lead astray by John Ehrlichman and John Dean.  As Director of the FBI he reported to Ehrlichman and not Nixon.  Nixon’s men controlled access to the President.

Terrorist Attack at Chicago O’Hare
One of the surprises is Gray’s revelation of the terrorist attack planned for Chicago’s O’Hare following the 1972 Olympic tragedy.  It was a rather unique peak into history, to understand how the FBI managed the threat and to learn about Gray’s actions to lead the FBI’s response.

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Education Reading Vietnam War Watergate

Latest read: Integrity

What can you learn from a Nixon staff lawyer who pleaded guilty to approving the break-in of Dr. Lewis Fielding’s office in 1971?  Plenty to my surprise.  Egil Krogh‘s Integrity: Good People, Bad Choices, and Life Lessons from the White House is a story of how ‘national security’ and political zeal triggered Watergate.  Krogh even closes the book with an open letter to W. Bush’s illegal wiretapping to demonstrate that our nation’s politicians and their staff have forgotten Watergate‘s 40th anniversary is just a couple years away….clearly the lesson has been forgotten as well.

Krogh joined Nixon’s White House team after working in a Seattle law firm with John Ehrlichman.  Ehrlichman served Nixon as a senior consultant in the 1968 Presidential campaign and was rewarded with the role as Assistant to the President for Domestic Affairs. Bob Haldeman and John Ehrlichman dominated the Nixon White House like no other executive staff.

Krogh was responsible for approving the break-in at Fielding’s office in order to dig up damaging evidence against Daniel Ellsberg who had leaked the Pentagon Papers to the New York Times.  Ellsberg served on Kissinger’s staff.  This event was the first of many illegal break-ins designed by G. Gordon Liddy‘s Operation Gemstone.

Ellsberg wrote the introduction to Integrity.

Shortly thereafter Nixon’s men would invent a Special Investigative Unit, a Nixon/GOP “police force” known as “The Plumbers” to fix the leaking of government documents to the media.

It was not a total surprise to learn Liddy was willing to kill during the Fielding break-in.  Thankfully that did not happen but proves beyond a shadow of a doubt the zealots who were working for Nixon. Even Howard Hunt‘s team from Miami did not ask to be paid to break into Fielding’s office — they saw it as a patriotic act.

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Education

My latest read – American Spy

As most of the President’s men who served Nixon have released their own accounts of their roles in Wategate, Howard Hunt’s book American Spy: My Secret History in the CIA, Watergate and Beyond is no different.  Hunt spent his career in the CIA from the end of WWII to Watergate. I must admit Hunt lived quite a life.  He was also a respected writer having published over 45 books.

He will always be known for his role in the Bay of Pigs and his reported involvement in the assassination of President Kennedy however his book’s focus is Watergate.

I cannot honestly believe how stupid the Republicans were in dealing with Hunt’s team from Miami.  G. Gordon Liddy was the mastermind of Operation Gemstone and directed the overall planning with the White House while Hunt ran the team.   Its amusing to see the amount of detail Hunt provided regarding the planning to break into DNC offices in the Watergate building.

Many believe the break-in was a one time event.  In the last twenty years it has become accepted that Liddy directed four break-ins at the Watergate.

Why?  A member of Hunt’s Miami team, Virgilio Gonzàlez the lock picker actually forgot to bring the correct tools to break into the DNC office.  Hunt’s team had to cancel the operation while Gonzàlez actually fly back to Miami over a weekend to located a correct set of tools to successfully pick the lock.

This just proves how stupid Hunt and Liddy were regarding this group of clowns….the guy who is in charge of picking the lock to get you inside the DNC forgets to bring his lock picking tools?

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Education Globalization Reading

Holiday reading

holidayread Holiday reading arrived today via mail. Many selections have been referred in previous books so I started tagging them after realizing more than one book pointed to the following:
Cell, The: Inside The 9/11 Plot, and Why the FBI and CIA Failed to Stop It,

Remix: Making Art and Commerce Thrive in the Hybrid Economy,

Integrity: Good People, Bad Choices, and Life Lessons from the White House,

Ahead of the Curve: Two Years at Harvard Business School,

Triple Cross: How bin Laden’s Master Spy Penetrated the CIA, the Green Berets, and the FBI–and Why Patrick Fitzgerald Failed to Stop Him,

The Power of Impossible Thinking: Transform the Business of Your Life and the Life of Your Business,

One Day in September: The Full Story of the 1972 Munich Olympics Massacre and the Israeli Revenge Operation “Wrath of God”,

American Spy: My Secret History in the CIA, Watergate and Beyond

and Hubris: The Inside Story of Spin, Scandal, and the Selling of the Iraq War
The holiday should be very interesting…I’m looking forward to every book.