A hedge fund named Magnetar comes up with an elaborate plan to make money. It sponsors the creation of complicated and ultimately toxic financial securities… while at the same time betting against the very securities it helped create. Planet Money‘s Alex Blumberg teams up with two investigative reporters from ProPublica, Jake Bernstein and Jesse Eisinger, to tell the story. Jake and Jesse pored through thousands of pages of documents and interviewed dozens of Wall Street Insiders. We bring you the result: a tale of intrigue and questionable behavior, which parallels quite closely the plot of a Mel Brooks musical.
Please note that name, Jake Bernstein. He’s a former editor of the Texas Observer. You go, Jake. The Broadway-esque song was offered as a bonus by This American Life. You’ll recognize the similarity to Mel Brooks’ The Producers, in which the wonderful Nathan Lane as Max Bialystock sings:
Step 1: We find the worst play ever written. Step 2: We hire the worst director in town. Step 3: We raise two million dollars…One for me, one for you. There’s a lot of little old ladies out there! Step 4: We hire the worst actors in New York and open on Broadway and before you can say Step 5, we close on Broadway, take our two million, and go to Rio.
On the jump, as another special bonus, a clip of Nathan Lane and Matthew Broderick singing the song that inspired the satirical send-up above, “We Can Do It,” from The Producers.
Be patient with the few seconds of Today Show chatter at the top. It’s worth it:
Glenn W. Smith has spent the past 30 years in journalism and politics, where he’s made a name for himself as a writer, campaign manager, activist, think tank analyst and, as Daily Kos founder Markos Moulitsas says, a “legendary political consultant and all-around good guy.” “There’s no one like him,” says author George Lakoff. CNN commentator Paul Begala says, “He has unmatched experience, a graceful pen (or pixel nowadays) and deep insight into the best and worst of us.” Novelist Sarah Bird speaks of his “lucid and lyrical” prose. And, she says, he’s fun. Huffington Post founder Arianna Huffington says Glenn writes with “grace and abundant humor” and “uses his colorful experiences in Texas to enlighten us all.”
Smith led Ann Richards’ successful 1990 campaign for Governor of Texas. He worked for former Texas Lt. Gov. Bill Hobby and U.S. Senator Lloyd Bentsen. Earlier, Smith was a political reporter for the Houston Chronicle and the Houston Post. He’s coordinated national campaigns for groups such as MoveOn.org. In 2004, he authored the highly acclaimed book, The Politics of Deceit: Saving Freedom and Democracy from Extinction. He also wrote Unfit Commander, a book that detailed George W. Bush’s mysterious disappearance from military service.
In 2004, Smith was featured in the film, Bush’s Brain, a documentary about Karl Rove. Smith provided commentary on Rove’s role as then-President Bush’s senior advisor. He has made numerous media appearances with Chris Mathews on Hardball, Joe Scarborough, Brit Hume, and many others. He writes a regularly for top national web sites, including FireDogLake and Huffington Post.
As a senior fellow at George Lakoff’s prestigious Rockridge Institute in Berkeley he studied, wrote and taught on the power of metaphor and narrative in political communications. He also lectured on religion and politics at the Starr King School for Ministry in Berkeley. As a sponsor and organizer, he has pulled together numerous national events with progressive religious leaders. He also organized a celebration of Dr. Martin Luther King at Riverside Church in New York City as well as “Freedom and Faith” bus tours, which was a nationwide campaign for social justice and progressive values.
Smith’s play, Double Play, which explored American Western myths and legends, was held over to sold-out audiences. He’s even written and performed songs in the Americana tradition, such as his best-known song, “Helping Marty Robbins,” a tribute to his hometown, Houston.
Most recently, Smith is the creator of DogCanyon, a political and cultural web site covering state, national and global issues from a Texas perspective. DogCanyon is an exhilarating and unique site that gets the connections between politics and culture and explores both the personal side of politics and the ups, down, craziness and beauty of “life its ownself,” as humorist Dan Jenkins would say. DogCanyon offers heartfelt personal essays, hard-hitting political analysis, and, most importantly, laughs.
As Paul Begala said, Smith writes in “the finest, firmest, fearless tradition of Texas essayists like Molly Ivins.”
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