Bush is the devil and the devil made me do it
That seems to be the gist of the argument being presented by Franklin Raines, to explain his fall from grace. Readers may recall that Raines was an extraordinary success story: son of black janitors, Harvard undergrad and law degrees, Rhodes Scholar, investment banker, White House official under Bill Clintonm and then richly-remunerated head of quasi-public Fannie Mae, the Federally-guaranteed private company which makes a market in home mortgages.
The former chief executive officer of Fannie Mae says the Bush administration helped orchestrate an accounting scandal that cost him his job and that he wants to use White House documents to defend himself in a shareholder lawsuit.
Franklin Raines, who served as President Clinton's budget director, argues in court documents that the Bush administration felt the government-chartered agency wielded too much power in the mortgage industry. His attorneys say the White House pushed regulators to weaken Fannie Mae and triggered a $6 billion accounting scandal.