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→Fannie Mae securitization of subprime mortgages
Clinton hired [[Peter Orszag]] as Special Assistant to the President for Economic Policy in 1997; as concern grew over Raines management of Fannie Mae, Raines hired Orszag to reassure investors over the safety of Fannie Mae's securitization of subprime mortgages. Orszag made the fantastic claim Fannie Mae's risk of insolvency was 1 in 500,000, and more likely 1 in 3 million. Barack Obama later promoted Orzsag to Director of OMB.
Clinton hired [[Peter Orszag]] as Special Assistant to the President for Economic Policy in 1997; as concern grew over Raines management of Fannie Mae, Raines hired Orszag to reassure investors over the safety of Fannie Mae's securitization of subprime mortgages. Orszag made the fantastic claim Fannie Mae's risk of insolvency was 1 in 500,000, and more likely 1 in 3 million. Barack Obama later promoted Orzsag to Director of OMB.
When Raines took the appointment at Fannie Mae, Clinton replaced his services at OMB with [[Jack Lew]], who worked in the Clinton White House throughout eight years.
===Kyoto Protocols and carbon emissions===
===Kyoto Protocols and carbon emissions===