Another book to add to the reading pile.
Little conflict of interest here?
Soon this book will be sold at the Dollar Store.
>> Goldman Sachs... his and my alma mater
That definitely establishes your credibility with me, Bob.
How about “the economic equivalent of gangrene.”
“his and my alma mater”
There’s an unbiased review.
I seem to remember that he got down on his knees and begged Nanny Pelosi to help him.
Ron Paul, End the Fed.He recommends Gasparino the most. I recommend, Thomas Sowell's, The Housing Boom and Bust.
Bill Fleckenstein, Greenspan's Bubbles: The Age of Recklessness at the Federal Reserve.
Barry Ritholtz, Bailout Nation.
William Cohan, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
Patrick Robinson, A Colossal Failure of Common Sense:The Inside Story of the Collapse of Lehman Brothers.
Charles Gasparino, The Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System.
paulson hearts obama
Lloyd Blankfein, Goldman Sachs chairman, told him that Goldman would be “next” if speculators succeeded in bringing down Morgan Stanley, the former Treasury secretary said.
“If they go, we’re next,” Mr Blankfein told Mr Paulson, a former Goldman chairman who had recused himself from decisions relating to his former company.
US officials explored the possibility of mergers between JPMorgan and Morgan Stanley, Goldman and Citigroup, or Goldman and Wachovia, before settling on turning Morgan Stanley and Goldman into banks with access to central bank loans.
Even then, Morgan Stanley was not safe until the US Treasury helped seal an investment by Japan’s Mitsubishi UFJ, Mr Paulson writes.
The frenzied manoeuvring came in the three-week period between the failure of Lehman on September 15 2008, and Columbus Day weekend in early October, when the global financial system was on the verge of meltdown.
“Banks were going down like flies,” Mr Paulson told the FT. As his book details, he was scrambling to secure Tarp bail-out funds from Congress.
“The timing could not have been worse since we were months or weeks from the election so you had the collision of markets and politics.”
Although a Republican, Mr Paulson found it harder to deal with John McCain than Barack Obama – raising the interesting (and unanswered) question of which candidate Mr Paulson voted for.
http://www.ft.com/cms/s/0/772748d6-0e94-11df-bd79-00144feabdc0.html
“Another book to add to the reading pile.”
No, another book to add to the burning pile. Paulson, along with Sheila Bair did massive damage to our economy by stealing Washington Mutual to prop up JPM. To hell with both of them.