Posted on 07/15/2009 6:53:35 PM PDT by FromLori
n prepared remarks for a Congressional hearing obtained today by ABC News, former Treasury Secretary Hank Paulson admits telling Bank of America CEO Ken Lewis that the Federal Reserve could remove the bank's board members if they backed out of their proposed merger with Merrill Lynch last December.
In prepared remarks for a Congressional hearing obtained Wednesday by ABC News, former Treasury... (AP Graphics) On Thursday morning, Paulson will defend his actions before the House Oversight Committee in the last of three hearings that the panel has conducted on the controversial merger.
When Bank of America considered scuttling the merger last December after discovering a $12 billion loss at Merrill, Paulson told Lewis that such a decision, citing the "material adverse change" -- or MAC -- clause, would damage the entire financial system and could result in government-imposed changes in management.
(Excerpt) Read more at abcnews.go.com ...
The truth is starting to get out.
The SS is alive and well, in DC
The SS is alive and well at Goldman Sachs...Rubin, Summers, Paulson. Who am I leaving out?
Keep dreaming.
Oh, Paulson has crawled out from under his rock again!
let’s see what that moron jim kramer has to say now...
He is a real piece of work isn’t he. I came across something again earlier about him I’ll have to try and recall where it was.
You mean this guy?
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 Henry Paulson. Paulson is 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, Paulson entered the Nixon administration, working first as staff assistant to the assistant secretary of defense. In 1972-73, Paulson worked 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, Paulson went 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.”
Paulson rose 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.
http://www.wsws.org/articles/2008/sep2008/paul-s23.shtml
he went on and on and on weeks ago calling congressman Issa a POS after making this accusation Paulson is now admitting to...
Well, there’s this too...
The Genius of Goldman?
July 14th, 2009 · No Comments · Politics, Money and Markets
The Genius of Goldman?
What’s up with the mainstream media acolytes who keep
aluding to the genius of Goldman Sachs?
What genius?
If it wasn’t for their former CEO Hank Paulson bankrupting
their competition (Bear and Lehman) and then extorting
Congress behind closed doors under the threat of martial law,
they wouldn’t even be in business today.
Does having your former CEO being able to choose who among
your competitors lives, or dies, make you a genius?
Does having your former CEO bail you out via the backdoor
of AIG, make you a genius?
Does running the latest shadow-government version of
INSLAW/PTECH/PROMIS software and front running the market
(not mention their own clients) as the defacto trading arm
of the Plunge Protection Team make you a genius?
Does stuffing profits offshore and only paying a 1% income tax
rate, after being bailed out by taxpayers who pay 20-30-40
times that, make you a genius?
Was former Goldman Chairman and NY Fed head Stephen Friedman a
genius, or just another front running, inside trader?
http://www.sliderontheblack.com/politics-money-and-markets/the-genius-of-goldman/
Lori,
If you haven’t already done so, may I suggest that you read, “The Creature From Jekyll Island”. It is a complete expose on the criminality that occurs at The Federal Reserve ( a private company ).
Lori,
If you haven’t already done so, may I suggest that you read, “The Creature From Jekyll Island”. It is a complete expose on the criminality that occurs at The Federal Reserve ( a private company ).
Thank you good stuff!
No I have not read it I will pick up a copy thanks.
Why isn’t he in jail?
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