Henry Paulson and Goldman Sachs: Scattered from California to New York: The judgments from the Department of Labor, tax liens against 401-K plans, state tax liens, mechanics lien, judgments from other companies
Henry Paulson, 5 weeks before he became Treasury Secretary, got a FANNIE MAE/FREDDIE MAC 30 year fix mortgage/loan for his 82 year old mother in May 2005 for 5.37%, (below rate) webofdeception.com On Sep 27, 4:20 am, Frank <[EMAIL PROTECTED]> wrote: > Who is HenryPaulson? > > By Tom Eley > 23 September 2008 > > The plan to rescue the US financial industry arrogates virtually > unlimited money and power over the financial affairs of the state to > the office of Treasury Secretary HenryPaulson.Paulsonis a figure > with a long history of intimate connections to the political and > financial elite. > > In 1970, fresh from the Masters program of the Harvard Business > School,Paulsonentered the Nixon administration, working first as > staff assistant to the assistant secretary of defense. In > 1972-73,Paulsonworked as office assistant to John Erlichman, assistant to the > president for domestic affairs. Erlichman was one of the key figures > involved in organizing President Richard Nixon’s notorious “plumbers” > unit that carried out illegal covert operations against the > president’s political opponents, including espionage, blackmail, and > revenge. Ehlichman resigned in 1973, and in 1975 he was convicted of > obstruction of justice, perjury, and conspiracy, and was imprisoned > for 18 months. > > Utilizing his connections,Paulsonwent to work for Goldman Sachs in > 1974. In a 2007 feature, the British newspaper the Guardian wrote, > “Not only was he well connected enough to get the job [in the Nixon > White House], but well connected enough to resign in the thick of the > Watergate scandal without ever getting caught up in the fallout. He > went straight to Goldman back home in Illinois.” > > Paulsonrose through the ranks of Goldman Sachs, becoming a partner in > 1982, co-head of investment banking in 1990, chief operating officer > in 1994. In 1998 he forced out his co-chairman Jon Corzine “in what > amounted to a coup,” according to New York Times economics > correspondent Floyd Norris, and took over the post of CEO. > > Goldman Sachs is perhaps the single best-connected Wall Street firm. > Its executives routinely go in and out of top government posts. > Corzine went on to become US senator from New Jersey and is now the > state’s governor. Corzine’s predecessor, Stephen Friedman, served in > the Bush administration as assistant to the president for economic > policy and as chairman of the National Economic Council (NEC). > Friedman’s predecessor as Goldman Sachs CEO, Robert Rubin, served as > chairman of the NEC and later treasury secretary under Bill Clinton. > > Agence France Press, in a 2006 article onPaulson’s appointment, “Has > Goldman Sachs Taken Over the Bush Administration?” noted that, in > addition toPaulson, “[t]he president’s chief of staff, Josh Bolten, > and the chairman of the Commodity Futures Trading Commission, Jeffery > Reuben, are Goldman alumni.” > > “But the flow goes both ways,” the article continued, “Goldman > recently hired Robert Zoellick, who stepped down as the US deputy > secretary of state, and Faryar Shirzad, who worked as one of Bush’s > national security advisors.” > > Prior to being selected as treasury secretary,Paulsonwas a major > individual campaign contributor to Republican candidates, giving over > $336,000 of his own money between 1998 and 2006. > > Since taking office,Paulsonhas overseen the destruction of three of > Goldman Sachs’ rivals. In March,Paulsonhelped arrange the fire sale > of Bear Stearns to JPMorgan Chase. Then, a little more than a week > ago, he allowed Lehman Brothers to collapse, while simultaneously > organizing the absorption of Merrill Lynch by Bank of America. This > left only Goldman Sachs and Morgan Stanley as major investment banks, > both of which were converted on Sunday into bank holding companies, a > move that effectively ended the existence of the investment bank as a > distinct economic form. > > In the months leading up to his proposed $700 billion bailout of the > financial industry,Paulsonhad already used his office to dole out > hundreds of billions of dollars. After his July 2008 proposal for $70 > billion to resolve the insolvency of Fannie Mae and Freddie Mac > failed,Paulsonorganized the government takeover of the two mortgage- > lending giants for an immediate $200 billion price tag, while making > the government potentially liable for hundreds of billions more in bad > debt. He then organized a federal purchase of an 80 percent stake in > the giant insurer American International Group (AIG) at a cost of $85 > billion. > > These bailouts have been designed to prevent a chain reaction collapse > of the world economy, but more importantly they aimed to insulate and > even reward the wealthy shareholders, likePaulson, primarily > responsible for the financial collapse. > > Paulsonbears a considerable amount of personal responsibility for the > crisis. > > Paulson, according to a celebratory 2006 BusinessWeek article entitled > “Mr. Risk Goes to Washington,” was “one of the key architects of a > more daring Wall Street, where securities firms are taking greater and > greater chances in their pursuit of profits.” UnderPaulson’s watch, > that meant “taking on more debt: $100 billion in long-term debt in > 2005, compared with about $20 billion in 1999. It means placing big > bets on all sorts of exotic derivatives and other securities.” > > According to the International Herald Tribune,Paulson“was one of the > first Wall Street leaders to recognize how drastically investment > banks could enhance their profitability by betting with their own > capital instead of acting as mere intermediaries.”Paulson“stubbornly > assert[ed] Goldman’s right to invest in, advise on and finance deals, > regardless of potential conflicts.” > > Paulsonthen handsomely benefited from the speculative boom. This > wealth was based on financial manipulation and did nothing to create > real value in the economy. On the contrary, the extraordinary > enrichment of individuals likePaulsonwas the corollary to the > dismantling of the real economy, the bankrupting of the government, > and the impoverishment of masses the world over. > > Paulsonwas compensated to the tune of $30 million in 2004 and took > home $37 million in 2005. In his career at Goldman Sachs he built up a > personal net worth of over $700 million, according to estimates. > > AfterPaulson’s ascension to the treasury, his colleagues at Goldman > Sachs carried on the bonanza. At the end of 2006,Paulson’s successor > Lloyd Blankfein was handed over a $53.4 million year-end bonus, while > 11 other Goldman Sachs executives raked in $150 million in year-end > bonuses combined. That year, the top investment firms Goldman Sacks, > Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns > handed out $36 billion in bonuses. At the end of 2007, the executives > of the same firms, excepting Merrill, were handed another $30 billion. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. 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