Thanks for that. Paulson is a criminal and a scoundrel, hences his position of power within the administration
I just come across the following on Wikipedia. It who was Paulson responsible for the deregulation and the removal of all government oversight regarding CDO's, SIV's, hedge fund ands derivative trading. Talk about putting the fox in charge of the henhouse. It's a bloody free for all. WSWS : News & Analysis : North America Washington’s “shock” over AIG’s post-bailout junket By Sandy English 13 October 2008 It was revealed last Tuesday at a congressional hearing that a week after the government bailed out insurance giant AIG to the tune of $85 billion, the company hosted its top life insurance agents at the luxury St. Regis Resort in Monarch Beach, California. There they ran up a bill of over $443,000 that included $200,000 for rooms, $150,000 for catered banquets, $23,000 for the spa and nearly $7,000 in golfing fees. Because of the public outcry, AIG on Thursday called off a second retreat that was to be held at the Ritz Carlton Resort in Half Moon Bay, California, although not without complaints from AIG executives that the cancellation was producing “demoralization.” http://www.wsws.org/articles/2008/oct2008/aigj-o13.shtml On Oct 14, 11:37 am, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> wrote: > 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.- > > Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ 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. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
