Lots of excellent material in McLean and Nocera's All the Devils are Here. In addition to devils there are also a few skeletons: in 1990, for example, Fannie paid Paul Volcker to defend and endorse its low capital standards.
Even the most 'honorable' and 'incorruptible' of our public 'servants' can be tempted by the incredible wealth and power that accrues to those who manipulate the rules of a continental empire. One more reason to break it up, break it all up.
Hat Tip Marginal Revolution
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