Henry "Hank" M. Paulson Jr., MBA
December 2006: "President George W. Bush nominated Henry M. Paulson, Jr. to be the 74th Secretary of the Treasury on June 19, 2006. The United States Senate unanimously confirmed Paulson to the position on June 28, 2006 and he was sworn into office on July 10, 2006 by Supreme Court Chief Justice John Roberts. As Treasury Secretary, Paulson is the President's leading policy advisor on a broad range of domestic and international economic issues.
Before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs. He joined Goldman Sachs in 1974 in the Chicago Office and became a partner in 1982. From 1983 until 1988, Paulson headed up Investment Banking Services for the Midwest Region and became Managing Partner of the Chicago Office in 1988. In 1990, he was named Co-head of the firm's investment Banking Division, and in 1994 he rose to the position of President and Chief Operating Officer. In 1998, he was named Co-Senior partner, and with the firm's public offering in 1999, became Chairman and CEO.
Prior to joining Goldman Sachs, Paulson was a member of the White House Domestic Council, serving as Staff Assistant to the President from 1972 to 1973, and as Staff Assistant to the Assistant Secretary of Defense at the Pentagon from 1970 to 1972.
Paulson graduated from Dartmouth in 1968, where he was a member of Phi Beta Kappa and All Ivy, All East, and honorable mention All American for football. He received an M.B.A. from Harvard in 1970. He and his wife, Wendy, have two children, Amanda and Merritt."http://www.ustreas.gov/organization/bios/paulson-e.html
January 2013: 'Today what few remember about the bailouts is that we had to approve them. It wasn't like Paulson could just go out and unilaterally commit trillions of public dollars to rescue Goldman Sachs and Citigroup from their own stupidity and bad management (although the government ended up doing just that, later on). Much as with a declaration of war, a similarly extreme and expensive commitment of public resources, Paulson needed at least a film of congressional approval. And much like the Iraq War resolution, which was only secured after George W. Bush ludicrously warned that Saddam was planning to send drones to spray poison over New York City, the bailouts were pushed through Congress with a series of threats and promises that ranged from the merely ridiculous to the outright deceptive. At one meeting to discuss the original bailout bill – at 11 a.m. on September 18th, 2008 – Paulson actually told members of Congress that $5.5 trillion in wealth would disappear by 2 p.m. that day unless the government took immediate action, and that the world economy would collapse "within 24 hours."'http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
December 2011: "Want to lower the capital reserve requirements for investment banks? Then-Goldman CEO Hank Paulson takes a meeting with SEC chief Bill Donaldson, and gets it done. Want to kill an attempt to erase the carried interest tax break? Guys like Schwarzman, and Apollo’s Leon Black, and Carlyle’s David Rubenstein, they just show up in Washington at Max Baucus’s doorstep, and they get it killed."http://www.rollingstone.com/politics/blogs/taibblog/a-christmas-message-from-americas-rich-20111222
May 2011: "Rupert Murdoch at the News Corporation and Sumner M. Redstone at Viacom are quintessential monarchs, but Andrew S. Grove has became an ambassador for Intel, Mr. Sonnenfeld said. Steven P. Jobs is a general at Apple, and Henry M. Paulson Jr., formerly of Goldman Sachs, has emerged as a governor with his tenure as Treasury secretary under President George W. Bush."http://www.nytimes.com/2011/05/28/business/economy/28worker.html
August 2009: "Before he became President George W. Bush’s Treasury secretary in 2006, Henry M. Paulson Jr. agreed to hold himself to a higher ethical standard than his predecessors. He not only sold all his holdings in Goldman Sachs, the investment bank he had run, but also specifically said that he would avoid any substantive interaction with Goldman executives for his entire term unless he first obtained an ethics waiver from the government."http://www.nytimes.com/2009/08/09/business/09paulson.html
July 2009: "What began Thursday as a Congressional hearing into the takeover of a single Wall Street firm quickly grew into a public interrogation of Henry M. Paulson Jr., the former Treasury secretary, about his role in heading last year’s rescue plan for the financial industry."http://www.nytimes.com/2009/07/17/business/17paulson.html
June 2009: "And Mr. Paulson and Mr. Bernanke, who thought preserving a deal would keep markets calm in the thick of the financial crisis, are being questioned on whether they pressured a company’s executives into ignoring their duty to their shareholders."http://www.nytimes.com/2009/06/12/business/12bank.html
December 2008: "Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules.....Paulson repeatedly told lawmakers that he did not plan to use bailout funds to inject capital directly into financial institutions. Privately, however, his staff was developing plans to do just that, Paulson acknowledged in an interview."http://www.washingtonpost.com/wp-dyn/content/article/2008/12/14/AR2008121402670.html
November 2008: "The story of the obscure provision underscores what critics in Congress, academia and the legal profession warn are the dangers of the broad authority being exercised by Treasury Secretary Henry M. Paulson Jr. in addressing the financial crisis. Lawmakers are now looking at whether the new notice was introduced to benefit specific banks, as well as whether it inappropriately accelerated bank takeovers."http://www.washingtonpost.com/wp-dyn/content/article/2008/11/09/AR2008110902155.html
October 2008: "In a gesture to the precarious situation, President Bush made an unscheduled appearance this month at a meeting of finance ministers from the Group of 20 countries, organized by the Treasury secretary, Henry M. Paulson Jr. Mr. Bush also agreed to convene an emergency meeting of the group on Nov. 15 to develop responses to the crisis."http://www.nytimes.com/2008/10/24/business/worldbusiness/24emerge.html
September 2008: '[re: 2008 banking crisis bailout--Ed.] New York Times columnist Paul Krugman said "doing nothing isn't a serious option." Treasury Secretary Henry Paulson told a House committee on Wednesday that doing nothing would "threaten American families' financial well-being, the viability of businesses both small and large, and the very health of our economy." An editorial in the Salt Lake Tribune took a similar approach.'http://news.cnet.com/8301-13578_3-10051790-38.html
July 2008: 'Even as investors were stampeding out of these stocks, the claque in Washington rushed to reassure them. Both Ben S. Bernanke, the Federal Reserve Board chairman, and Henry M. Paulson Jr., the Treasury secretary, said the mortgage giants’ regulators confirmed that the companies were “adequately capitalized.”'http://www.nytimes.com/2008/07/13/business/13gret.html
June 2008: "Mr. Geithner’s remarks, in a speech to the Economic Club of New York, represented the strongest words to date in support of a more stringent and broadly reaching oversight plan for the government and the Fed. It went beyond a plan introduced in March by the Treasury secretary, Henry M. Paulson Jr., by calling for the Fed to have more authority in overseeing the stability of global markets."http://www.nytimes.com/2008/06/10/business/10fed.html
January 2008: '“The president again is focused on broad-based tax relief for those who are paying taxes,” said Treasury Secretary Henry M. Paulson Jr. when asked at a news conference on Friday whether “everybody” would get a tax break. “This is something that has worked well before, has worked in 2001, worked in 2003.”'http://www.nytimes.com/2008/01/20/washington/20rebate.html
October 2007: In a letter to lawmakers today, Treasury Secretary Henry M. Paulson Jr. warned that Congress should move quickly to fix the so-called alternative minimum tax or face serious consequences. Unless Congress acts, he said, '25 million taxpayers will pay on average an additional $2,000 in Federal income tax,' and for about 21 million of them, that increase would be unexpected.http://www.washingtonpost.com/wp-dyn/content/article/2007/10/23/AR2007102300975.html
October 2007: In response to all this lecturing, the United States Treasury secretary, Henry M. Paulson Jr., and his top aides fanned out at meeting after meeting to assure the finance ministers that although the impact of the market turmoil has yet to be fully understood or felt, there was no need to panic because the fundamentals of the American economy are sound.http://www.nytimes.com/2007/10/22/business/worldbusiness/22worldbank.html
April 2007: Speaking to a Senate committee led by Democrats eager to raise cash without raising tax rates, Paulson said it was 'unrealistic' for them to expect to collect hundreds of billions of dollars from the federal tax gap, the difference between taxes owed and taxes paid.http://www.washingtonpost.com/wp-dyn/content/article/2007/04/18/AR2007041802359.html
May 2007: Treasury Secretary Henry M. Paulson Jr. has in recent weeks lobbied finance ministers in Europe to support Wolfowitz, though he has 'gotten little traction,' the administration official said. On Thursday, Paulson called Wolfowitz 'a dedicated and committed public servant' in an interview with Bloomberg News, expressing admiration for 'what he has done at the World Bank.' Wolfowitz has made fighting corruption in poor countries a major focus of his two years at the bank.http://www.washingtonpost.com/wp-dyn/content/article/2007/05/11/AR2007051102492.html
November 2006: Concern over Wall Street's lack of competitiveness in the emerging global financial marketplace has been building since this spring....Treasury Secretary Henry Paulson last week spoke of how excessive litigation and regulation may be scaring firms away from the United States.http://www.slate.com/id/2154673/
June 2004: Investment banking executive.http://www.businessweek.com/magazine/content/02_09/b3772006.htm
Role Name Type Last Updated Student/Trainee (past or present) Dartmouth College Organization Dec 2, 2006 Organization Executive (past or present) Department of Defense (DOD)/Defense Department Organization Dec 2, 2006 Organization Head/Leader (past or present) Goldman Sachs Group Organization Dec 2, 2006 Student/Trainee (past or present) Harvard University Organization Dec 2, 2006 Organization Head/Leader (past or present) Treasury Department/Department of the Treasury Organization Dec 2, 2006 Subordinate of (past or present) John Daniel Ehrlichman Esq. Person Dec 2, 2006 Succeeded by Timothy F. Geithner Person Jun 20, 2009 Supervisor of (past or present) Neel Kashkari Person Jan 7, 2013 Cooperation (past or present) Ms. Susan C. Schwab Person Nov 24, 2007 Supervisor of (past or present) Robert K. Steel Person Dec 2, 2006
Articles and Resources
33 Articles and Resources. Go to: [Next 13]
Date Fairness.com Resource Read it at: Jan 04, 2013 Secret and Lies of the Bailout:The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come
QUOTE: Not only did [the 2009 banking system bailout--Ed.] prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right? Wrong. It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences.
Rolling Stone Dec 22, 2011 A Christmas Message From America's Rich
QUOTE: The entire ethos of modern Wall Street, on the other hand, is complete indifference to all of these matters. The very rich on today’s Wall Street are now so rich that they buy their own social infrastructure. They hire private security, they live on gated mansions on islands and other tax havens, and most notably, they buy their own justice and their own government....nobody even minds that they are rich. What makes people furious is that they have stopped being citizens.
Rolling Stone May 27, 2011 Easing Out the Gray-Haired. Or Not.
QUOTE: Some jobs will always have age restrictions — police officers, firefighters, air traffic controllers and the like. And in corporate America, mandatory retirement ages for senior management face less resistance, thanks in part to generous incentives to leave early that are perfectly legal. What is more, federal law permits age limits for the top brass who set corporate policy. But chief executives still have a habit of hanging on...
New York Times Oct 05, 2009 Report on Bailouts Says Treasury Misled Public
QUOTE: The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks.
New York Times Aug 08, 2009 Paulson’s Calls to Goldman Tested Ethics During Crisis
QUOTE: Henry M. Paulson Jr. agreed to hold himself to a higher ethical standard than his predecessors. He not only sold all his holdings in Goldman Sachs, the investment bank he had run, but also specifically said that he would avoid any substantive interaction with Goldman executives for his entire term unless he first obtained an ethics waiver from the government....And government ethics specialists say that the timing of Mr. Paulson’s waivers, and the circumstances surrounding it, are troubling.
New York Times Aug 04, 2009 Dueling Public Interests In Policing Rescued Firms: SEC Actions Could Weigh on U.S. Stakes
QUOTE: the quandary [the SEC filing suit against Regions Financial] shows the difficulty facing the nation's top Wall Street cop at a time when the economic crisis has left the U.S. government as the part-owner or controller of an unprecedented array of financial companies. Protecting investors on the one hand could mean harming taxpayer-owners on the other.
Washington Post Jul 16, 2009 Paulson Counters His Critics
QUOTE: Days after telling Congress last autumn that he intended to use the money to buy impaired mortgage assets, Mr. Paulson instead injected $250 billion directly into several large banks. Representative Michael R. Turner, an Ohio Republican who voted against the relief legislation, called that move the “largest theft in history.”
New York Times Jun 26, 2009 Bailout of U.S. Banks Gives British Rum a $2.7 Billion Benefit
QUOTE: Congress inserted the tax benefits for companies other than banks in a fog of confusion and panic after the House of Representatives rejected the first attempt to fund the bank support effort urged by then President George W. Bush and Treasury Secretary Henry Paulson.
Jun 11, 2009 Bank Chief Tells of U.S. Pressure to Buy Merrill Lynch
QUOTE: ... Kenneth D. Lewis, Bank of America’s embattled chief executive, walked into yet another Congressional hearing room...lawmakers turned the spotlight on personalities who were not seated in the chamber: the federal officials who had pushed him to complete a troubled merger with Merrill Lynch late last year, despite knowing that huge losses riddled the once-mighty Wall Street firm.
New York Times Dec 15, 2008 Executive Pay Limits May Prove Toothless: Loophole in Bailout Provision Leaves Enforcement in Doubt
QUOTE: Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules. But at the last minute, the Bush administration insisted on a one-sentence change to the provision...Now, however, the small change looks more like a giant loophole...
Washington Post Dec 12, 2008 Auto Bailout Talks Collapse as Senate Deadlocks Over Wages: Without a Deal, Carmakers Face Bankruptcy Threat
QUOTE: The legislation would have provided emergency loans to General Motors and Chrysler, which have said they face imminent collapse without federal help. The high-stakes talks broke down over when the wages of union workers would be slashed to the same level as those paid to nonunion workers at U.S. plants of foreign automakers...
Washington Post Nov 10, 2008 A Quiet Windfall For U.S. Banks: With Attention on Bailout Debate, Treasury Made Change to Tax Policy
QUOTE: ...Administration officials had just given American banks a windfall of as much as $140 billion. The sweeping change to two decades of tax policy escaped the notice of lawmakers for several days, as they remained consumed with the controversial bailout bill.
Washington Post Oct 24, 2008 West Is in Talks on Credit to Aid Poorer Nations
QUOTE: With the financial crisis engulfing developing countries from Latin America to Central Europe, raising the specter of market panic and even social unrest, Western officials are weighing coordinated action to try to stabilize these economies.
New York Times Sep 26, 2008 Do you oppose the $700 billion Wall Street bailout? Click here
QUOTE: Quote:A flurry of Web activism is channelling misgivings about the proposed $700 billion Wall Street bailout into political action.
CNET Jul 13, 2008 The Fannie and Freddie Fallout (Fair Game)
QUOTE: This wasn’t the way the “ownership society” was supposed to work. Investors weren’t supposed to watch their financial stocks plummet more than 70 percent in less than a year. And taxpayers weren’t supposed to be left holding defaulted mortgages and abandoned homes while executives who presided over balance sheet implosions walked away with millions.
New York Times Jun 09, 2008 Derivatives Trading Is Scrutinized
QUOTE: One of the nation’s top central bankers called Monday for a significant overhaul in regulation of the financial industry, declaring that the current system of supervision is confusing and susceptible to “perverse” abuses. The official, Timothy Geithner, the president of the Federal Reserve Bank of New York and one of the chief architects of the Bear Stearns bailout, said banks and government regulators must take pre-emptive steps to prevent future disruptions from snowballing into crises.
New York Times Feb 22, 2008 Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish
QUOTE: Judges in at least five states have stopped foreclosure proceedings because the banks that pool mortgages into securities and the companies that collect monthly payments haven't been able to prove they own the mortgages. The confusion is another headache for U.S. Treasury Secretary Henry Paulson as he revises rules for packaging mortgages into securities.
Jan 20, 2008 Tax Rebate or Payment? A Policy Debate Begins
QUOTE: ...Democrats are gearing up to fight [the Republican economic stimulus plan], arguing that a stimulus plan should put money in the hands of low-income people, both as a matter of fairness and because people who are struggling to make ends meet are most likely to spend any government payments quickly.
New York Times Oct 23, 2007 Paulson Seeks 'Patch' For AMT: Congress Urged To Act Before Tax Forms Are Printed
QUOTE: Unless Congress acts soon to prevent a special "millionaires" tax from hitting middle-income families, as many as 50 million taxpayers, or 37 percent of the total, will face an unexpected tax increase, a delay in receiving refunds or a delay in having their tax return processed.
Washington Post Oct 22, 2007 Tables Turned: Poor Countries Wag Fingers at Rich Ones
QUOTE: With hundreds of officials and experts convening over the weekend in the nation’s capital, the theme this year was not fear of protesters, but of the global impact of the troubles in the American housing sector, with many delegates faulting lax regulations and sleepy overseers in Europe and the United States.
New York Times
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