Barry Ritholtz’s Bailout Nation, Canceled by McGraw Hill, Will Be Published By Wiley & Sons

ritholtz Barry Ritholtzs Bailout Nation, Canceled by McGraw Hill, Will Be Published By Wiley & SonsBarry Ritholtz’s Bailout Nation, which was written for but canceled in early February by McGraw Hill over a disagreement about its contents, has a new publisher in John Wiley & Sons. 

Mr. Ritholtz has said that McGraw Hill canceled Bailout Nation out of a desire to protect the reputation of the company’s credit rating division, Standard & Poor’s, which Mr. Ritholtz criticized severely in the book. A spokesman for the publisher denied this, telling Portfolio’s Jesse Eisinger that the problem was that  parts of the book could not be corroborated and that a “unified approach with the author for resolving the issues” could not be found.

The original version of Mr. Ritholtz’s manuscript, which he submitted to his editors in December, accused S&P and the other major ratings agencies of conducting “a form of ‘payola’,” thereby enabling the mortgage crisis. “They were the pimps to the fixed-income fund managers’ johns,” Mr. Ritholtz wrote. “The investment banks whored out junk paper, and the ratings agencies were extremely well compensated for their role in helping to create the entire subprime fiasco.”

Upon reading that first draft, editors at McGraw Hill reportedly asked Mr. Ritholtz to make stylistic changes, which the author agreed to do as long as it didn’t mean altering the substance of what he was saying. But when Mr. Ritholtz came back to his editors with a revision—“The newly edited version was far more factual, detailed,” he later wrote on his blog, “and in my opinion, more damning”—they still weren’t pleased, and pretty soon the contract was canceled and Mr. Ritholtz started showing the book to other publishers. 

A spokeswoman for Wiley & Sons said details on their deal with Mr. Ritholtz would not be available until tomorrow. Neither Mr. Ritholtz nor his representative, Lloyd Jassin, immediately returned calls seeking comment. 

A more complete account of Mr. Ritholtz’s wrangling with McGraw Hill can be found in this blog post, which he wrote immediately after it was reported that the company had canceled its plans to publish Bailout Nation.

Article continues below
More from Politics
STAR OF DAVID OR 'PLAIN STAR'?   If you thought "CP Time" was impolitic, on July 2 Donald Trump posted a picture on Twitter of a Star of David on top of a pile of cash next to Hillary Clinton's face. You'd think after the aforementioned crime stats incident (or after engaging a user called "@WhiteGenocideTM," or blasting out a quote from Benito Mussolini, or...) Trump would have learned to wait a full 15 seconds before hitting the "Tweet" button. But not only was the gaffe itself bad, the attempts at damage control made the BP oil spill response look a virtuoso performance.  About two hours after the image went up on Trump's account, somebody took it down and replaced it with a similar picture that swapped the hexagram with a circle (bearing the same legend "Most Corrupt Candidate Ever!"!). Believe it or not, it actually got worse from there. As reports arose that the first image had originated on a white supremacist message board, Trump insisted that the shape was a "sheriff's star," or "plain star," not a Star of David. And he continued to sulk about the coverage online and in public for days afterward, even when the media was clearly ready to move on. This refusal to just let some bad press go would haunt him later on.
Donald Trump More Or Less Says He’ll Keep On Tweeting as President