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“Their executives with their high profile civic and politi cal activities . . . gave them this aura, sort of ‘These people are the new establishment, and these are smart people who play their cards well: And it turned out they were spending money they didn’t have!’ former Democratic Party Chairman Bill White THE BACK PAGE From “Naked Emperors and Wet Rats,” by Nate Blakeslee, page 4 Photographs by Jana Birchum