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In his new book, former secretary of the U.S. Department of the Treasury Henry M. Paulson provides an account of the government’s seizure of Fannie Mae and Freddie Mac. Paulson explained President Bush’s opinion of the two firms. “He had a deep disdain for entities like Fannie and Freddie, which he saw as part of a permanent Washington elite, detached from the heartland, with former government officials and lobbyists cycling through their ranks endlessly while companies minted money, thanks, in effect, to a federal entitlement,” Paulson wrote.
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