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Bailout Nation

If you read Barry Ritzholtz blog, The Big Picture, you may have read that he was working on a book about the fiscal crisis. Bailout Nation was to be published by McGraw-Hill. McGraw-Hill owns Standards & Poor’s a credit ratings agency.  The book, which was critical of the role that the ratings agencies undoubtedly played in the creating the current crisis, has now been dropped by McGraw-Hill. Now, while a major publisher should be allowed to drop any book it so chooses, it certainly raises eyebrows. But what about the other significant conflict of interest, that BusinessWeek Magazine is also owned by McGraw-Hill. Can we reasonably expect a major business information periodical to maintain its editorial independence when McGraw’s professional division is having its books reviewed by S&P?

Incidentally, the book is still avilable for pre-order on Amazon.

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