A reader asks from Vermont if the John J. McCloy who is a friend of Walter Noel is the same person who led such a distinguished life. The “real McCloy ” was the father, born in 1895 and who ran everything from WWII (one of the few civilians to know about the Manhattan Project) post-war reconstruction (the predecessor to the World Bank) and adviser to presidents from Truman to Reagan. He died in 1989. Good, short biography here. His son may not have had quite the same illustrious career but (a) he did just fine and (b)what son, speaking as a son myself, ever lived up to at least the image of his father? It’s the son who is the friend of Noel and that is the beginning and end of his involvement with the whole sorry mess. Not an investor, not a participant in any way, just a friend. And as I’ve noted before, friends who stand up for friends, even if they think their friend is a naive fool, shouldn’t be faulted. Not by me, anyway.