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Crony Capitalism,” the Cozy Relationship Between Government Officials and Corporate Execs That Encouraged Bad Investment Decisions

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Crony Capitalism,” the Cozy Relationship Between Government Officials and Corporate Execs That Encouraged Bad Investment Decisions U.S. officials piously THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY 888 16th Street, N.W., Suite 740 lecture the world. Washington, D.C. 20006 Phone: 202-861-0791 • Fax: 202-861-0790 www.international-economy.com But what about Fannie Mae and the other cozy arrangements right Crony under their noses? Capitalism: American n the wake of the financial crisis that spread through Asia in 1997 and 1998, Treasury Secretary Robert Rubin and his deputy, Lawrence Summers, pinned the region’s Style problems in part on a pervasive business cul- ture commonly known as “crony capitalism,” the cozy relationship between government officials and corporate execs that encouraged bad investment decisions. In a January 1998 speech, Ru- B Y O WEN U LLMANN Ibin, who resigned this summer, cited “close links be- tween governments, banks and corporations [that] led to fundamentally unsound investments.” And in March 1998, Summers, Rubin’s successor as secretary, fault- ed a system that relied on “relationship-driven finance not capital markets.” The criticism is right on point. Yet in Washington, D.C., a form of crony capitalism exists right under Treasury’s nose — and with its bless- ing. It is called a government-sponsored enterprise (GSE), a private corporation that receives special bene- fits under a charter granted by the federal government. The relationship is worth billions to the GSEs and their shareholders. The rewards have been great, as well, for the executives who run the companies, and government Owen Ullmann, a former senior writer at Business Week, covers economic policy and politics for USA Today. 6 THE INTERNATIONAL ECONOMY JULY/AUGUST 1999 U LLMANN ment. But Fannie’s biggest advantage comes from an implicit benefit: a belief by the financial markets that the In a January 1998 speech, Rubin, federal government will guarantee payment on any debt or securities issued by a GSE. Though there is no actual who resigned this summer, cited federal guarantee, Fannie, nonetheless, can borrow at rates close to those for Treasury Securities. The advan- tage over private competitors has been estimated by var- “close links between governments, ious studies at 25 to 75 basis points. In 1996, the Treasury Department and the Congres- banks and corporations [that] led to sional Budget Office valued the total federal subsidy to Fannie and Freddie at more than $6 billion a year. Two thirds of that is delivered to homeowners in the form of fundamentally unsound investments” lower mortgages — a savings of about 25 basis points on average. The remaining one-third is divided up by share- as reason for the Asian crisis. holders and the executives who run Fannie and Freddie. “As a means of funneling federal subsidies to home buy- ers, the GSEs are a spongy conduit — soaking up nearly Yet in Washington, D.C., a form $1 for every $2 delivered,” the CBO report concluded. As a result, Fannie’s bottom line has been nothing of crony capitalism exists short of sensational. Last year, the company earned $3.4 billion, up 14 percent from 1997, and it is continuing right under Treasury’s nose — Fannie Mae Plays Hardball and with its blessing. hen reason fails, opponents claim, Fannie plays hard- Wball. It will hire key government critics to buy their si- lence, and it will intimidate lawyers, consultants and financiers who go up against it by pressuring clients of the opponents to officials in the Executive Branch and Congress who see withdraw their business. “Fannie has this grandmotherly im- to it that the taxpayer-borne subsidies keep flowing. age,” says a congressional source. “But they’ll castrate you, The largest GSE by far is Fannie Mae, formerly decapitate you, tie you up and throw you in the Potomac. called the Federal National Mortgage Association. It is They’re absolutely ruthless.” one of the most profitable enterprises on earth. Togeth- — O. Ullmann er with its younger and smaller sibling, Freddie Mac (the Federal Home Loan Mortgage Corporation), Fannie has a lock on the secondary market for conventional mort- that pace this year: In the first quarter, earnings rose 14 gages—loans of up to $240,000. Congress created Fan- percent to $925 million. That’s no recent growth spurt. nie in 1938 to buy mortgages from lenders in order to The company boasts that it is one of just seven compa- recirculate the supply of money for new home loans. But nies in the Standard & Poor’s 500 to have recorded dou- in 1968, Congress turned Fannie Mae into a private, ble-digit growth in operating earnings since 1986. Its shareholder-owned company with a charter tantamount portfolio of mortgage-backed securities now tops $1 tril- to a money printing license. Two years later, Freddie lion, making it the largest financial company in the Unit- came into existence with the same golden charter. The ed States, and its market valuation is up 50 percent from special benefits exempt Fannie from registering with the two years ago to $70 billion. Thoughts of slowing down Securities and Exchange Commission, paying state or haven’t occurred to Fannie. It is aiming to double earn- local income taxes, or meeting capital requirements im- ings per share over the next five years. posed on banks and thrifts. Fannie also can draw on a Fannie is also one of the most efficient enterprises in $2.25 billion line of credit from the Treasury Depart- the world. Since it doesn’t deal directly with consumers, JULY/AUGUST 1999 THE INTERNATIONAL ECONOMY 7 Fannie’s Connections Director Jack Quinn was Vice President Al Gore’s chief of staff Vice Chair Jamie Gorelick Director Kenneth Duberstein was Deputy was President Reagan’s chief Attorney of staff General un- der Clinton Senior Vice President Arne Ellen Christenson Seidman, was a top advis- director of er to House the Office of Speaker Thrift Super - Newt Gingrich (R-Ga.) vision, was a Commerce FM senior vice president Secretary William Daley was a Vice Presi - FM director dent Duane Wendy Sherman, counselor to Duncan was Secretary of State Madeleine staff director Albright, was President of the for Congress- FM Foundation man Richard Robert Zoellick, senior adviser Baker (R-La.), chairman of the to Texas Governor George W. House Banking subcommittee Bush and former top White that oversees Fannie and other House, State Department and GSEs Treasury official under Presi- dents Reagan and Bush, was FM’s general counsel CONNECTION KEY: Government Alumni who are Fannie officials Fannie Alumni who are government officials or political advisers Current or past Fannie lobbyists with government ties 8 THE INTERNATIONAL ECONOMY JULY/AUGUST 1999 Former Congressman Tom Downey (D-N.Y.) Nicholas Calio, President George Bush’s chief legislative lobbyist Congres- James sional Bud- Johnson, get Office Chairman Director of the Dan Crippen Franklin Executive (past Raines, Board and lobbyist) current former CEO, was a close CEO, was adviser to Vice President director of Walter Mondale and managed the Office Former Congressman Mondale’s 1984 Presidential of Management and Budget Vin Weber (R-Minn.) campaign under President Bill Clinton Former Senator Steve Symms (R-Idaho) Executive Vice Presi - dent Ann Logan was a policy adviser to Senator Edward Kennedy (D-Mass.) in the 1980s Senior Vice Presi dent Thomas Nides was chief of staff to U.S. Trade Representative Mickey Kantor and chief of staff to Speaker Senior Vice Tom Foley (D-Wash.) Senior Vice Presi dent Presi dent John William Buckley Maloni was was press a lobbyist for secretary the Federal for Congressman Jack Kemp Reserve in the 1980s (R-N.Y.), and communica- tions director for the presidential campaigns of Ronald Reagan in 1984 and Bob Dole in 1996 Director Eli Segal was a senior White House adviser to President Clinton Director Ann McLaughlin was Labor Secretary under Presi- dent Reagan Courtesy of U.S. Capitol Historical Society. JULY/AUGUST 1999 THE INTERNATIONAL ECONOMY 9 U LLMANN affected by a close relationship between the en- terprise and the government, and the money Another S&L Type Debacle? flows back to the government patrons in many rony Capitalism is a good analo- forms — political donations, the hiring of gov- “ ernment officials, distribution of grants in every Cgy,” says American Enterprise Institute Fellow Peter Wallison, a former congressional district. Everyone is getting paid Treasury Department and White House out of that big trough.” counsel under President Ronald Reagan. Wallison sees a parallel to the savings and “Investments are being affected by a loan industry collapse of a decade ago. In that close relationship between the enterprise case, the guarantee of federal deposit insurance and the government, and the money fueled speculative investments without the re- flows back to the government patrons in straints of market risk, and the federal govern- many forms—political donations, the ment ultimately got stuck with a staggering $500 hiring of government officials, distrib- billion tab. “It’s the same with Fannie and Fred- ution of grants in every congressional die,” says Wallison. “They have very low capital district. Everyone is getting paid out margins (less than 2 percent of assets versus 8 of that big trough.” percent for commercial banks), and they’ve been Wallison sees a parallel to the looking for higher-risk investments to improve savings and loan industry collapse of their profitability. It’s a prescription for financial AEI’s Peter Wallison a decade ago. In that case, the guar- disaster if interest rates go up. And Congress is antee of federal deposit insurance fueled speculative investments with- ignoring it.” out the restraints of market risk, and the federal government ultimate- House Banking Committee Chairman James ly got stuck with a staggering $500 billion tab.
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