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Keyword: paulson

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  • Donald Trump targeted by Henry Paulson in op-ed endorsing Hillary Clinton

    06/25/2016 11:59:39 AM PDT · by Innovative · 58 replies
    CBS News ^ | June 25, 2016 | Reena Flores
    "This troubles me deeply as a Republican, but it troubles me even more as an American," said Paulson, a former Goldman Sachs chief executive who spearheaded the 2008 Wall Street bank bailout as treasury secretary. "Enough is enough," he wrote. "It's time to put country before party and say it together: Never Trump." Instead, he offered up Democrats' presumptive presidential nominee, Hillary Clinton, as the country's best alternative to Trump, encouraging his GOP colleagues to consider her when casting their ballot.
  • Republican ex-Treasury chief Paulson slams Trump, to vote for Clinton

    06/25/2016 7:28:18 AM PDT · by Olog-hai · 90 replies
    Reuters ^ | Fri Jun 24, 2016 8:37pm EDT | Eric Beech
    Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, on Friday called a Donald Trump presidency “unthinkable” and said he will vote for Democrat Hillary Clinton. Paulson joins a growing list of establishment Republicans who say they will not cast a ballot in the Nov. 8 election for Trump, the party’s presumptive nominee and a political neophyte whose populist rhetoric runs counter to many long-held Republican principles. […] “I’ll be voting for Hillary Clinton, with the hope that she can bring Americans together to do the things necessary to strengthen our economy, our environment and...
  • John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion

    07/22/2014 10:34:23 AM PDT · by mgist · 12 replies
    Forbes ^ | 7/22/14
    John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion Comment Now Follow Comments A gang made up of some of Wall Street’s biggest names and formed by former Goldman Sachs partner Steve Mnuchin is set to realize a big score from the sale of OneWest Bank to CIT Group CIT +11.19% for $3.4 billion. Hedge fund billionaires John Paulson and George Soros were part of the group that together with buyout baron Christopher Flowers and billionaire Michael Dell bought the assets in 2009 of the former IndyMac, one of the nation’s largest bank failures ever, from...
  • "We Made It Wider!" Hank Paulson Bursts Out Laughing When Asked About Wealth Inequality

    09/07/2015 7:31:14 AM PDT · by Cheerio · 28 replies
    Zerohedge ^ | 09/06/2015 | Tyler Durden
    A few months ago, a hurt Ben Bernanke put on his blogger hat and set out to explain why, in his mind, the unconventional policies undertaken by the Fed in the post-crisis years have not contributed to record income inequality. As we noted at the time, epic hilarity ensued. Bernanke’s explanation went something like this: while QE does indeed inflate asset prices, poor people have been getting poorer for quite some time, so sure, maybe the Fed contributed a little bit, but probably not a whole lot and besides, the more Keynes the better when it comes to smoothing out...
  • Prouty: I believe in a PR renaissance and the ‘smart money’ does too

    02/14/2014 11:37:02 AM PST · by cll · 6 replies
    Caribbean Business ^ | 2/142014 | Nicholas Prouty
    tor Nicholas Prouty, who is betting at least $750 million on Puerto Rico through his firm Putnam Bridge, remains bullish on the island’s potential despite credit downgrades and marathon economic doldrums. Putnam Bridge is spending $450 million to overhaul its Puerto del Rey Marina complex in Fajardo and spending hundreds of millions more at its La Ciudadela housing and commercial complex in Santurce, a project that includes plans to create a sprawling public park in the historic heart of San Juan. Prouty’s passion for Puerto Rico, and his confidence that an economic rebound is in the works, was evident in...
  • Hedge-fund Manager Paulson (major Democratic donor) Moving to Puerto Rico?

    03/11/2013 8:11:54 AM PDT · by reaganaut1 · 6 replies
    Barron's ^ | March 11, 2013 | Brendan Conway
    Unnamed sources speaking with Bloomberg News say the hedge-fund manager is considering relocating to Puerto Rico for tax reasons, to benefit from a new law that the wire says lets new residents pay no local or U.S. federal taxes on capital gains. The story goes on to relate, via those unnamed sources, that Paulson & Co.would remain in New York:
  • A Rhodes-style China scholarship - ($300 Million)

    04/21/2013 8:00:05 PM PDT · by haffast · 4 replies
    The Hindu ^ | April 22, 2013 | Keith Bradsher
    The private-equity tycoon Stephen A. Schwarzman, backed by an array of mostly western blue-chip companies with interests in China, is creating a $300 million scholarship for study in China that he hopes will rival the Rhodes scholarship in prestige and influence. The programme, whose endowment represents one of the largest single gifts to education in the world and one of the largest philanthropic gifts ever in China, was announced by Mr. Schwarzman in Beijing on Sunday. The Schwarzman Scholars programme will pay all expenses for 200 students each year from around the world for a one-year master’s programme at Tsinghua...
  • Billionaire John Paulson may be eyeing move to Puerto Rico to pay lower taxes: report

    03/12/2013 6:04:36 AM PDT · by cll · 24 replies
    NY Daily News ^ | 3/11/2013 | Erik Ortiz
    Could big-money billionaire John Paulson be ready to bolt from New York and into a palatial Puerto Rico penthouse in the name of lower taxes? A Bloomberg News report says the Queens-born hedge fund heavyweight — worth $11.2 billion — has looked at property in the wealthy Condado neighborhood of San Juan. The $5 million penthouse he reportedly eyed is 8,379 square feet, occupies three floors and includes six underground parking spaces, according to the Trillion Realty Group listing. ~ snip ~ Paulson’s potential move to the commonwealth would save the 57-year-old from paying tax gains on the $9.5 billion...
  • The Great Economic Collapse; and why no one is arrested

    12/15/2011 9:14:27 AM PST · by Starman417 · 20 replies · 1+ views
    Flopping Aces ^ | 12-15-11 | Gary Kukis
    60 Minutes, as usual, had a very nearly excellent program last week on the economic collapse, and they were all upset because no one has been arrested; no particular person appears to be under investigation.  They have a good reason to be upset, but they seemed, at least in this report (and in several previous programs), to be clueless as to why. What happened at the end of 2008 changed history and the direction of the United States.  Treasury Secretary Hank Paulson goes to President George Bush and tells him, “The banks in the United States are about to collapse. ...
  • How Paulson Gave Hedge Funds Advance Word (about Fannie and Freddie shares)

    11/29/2011 7:14:17 AM PST · by reaganaut1 · 5 replies
    Bloomberg | November 29, 2011 | Richard Teitelbaum
    No excerpt allowed from Bloomberg, story here .
  • Government looks to past, free enterprise to future

    06/19/2011 4:55:55 AM PDT · by gusopol3 · 6 replies
    Washington Examiner ^ | June 18, 2011 | Michael Barone
    Two years ago, in June 2009, the American economy emerged from recession, according to the National Bureau of Economic Research. But as this week's Economist noted, with typical British understatement, "The recovery has been a disappointment." And maybe not a recovery for long. Robert Shiller, the economist who first identified the housing bubble, said last week that we may be headed for recession again. "Whether we call it a double dip or not," he told Reuters, "there is a risk." His Case/Shiller housing price index indicated that home prices in March slumped to levels not seen since March 2003, and...
  • Obama names businessman Bryson to Commerce post

    05/31/2011 8:41:36 AM PDT · by sunmars · 33 replies
    WASHINGTON—President Barack Obama will nominate businessman John Bryson to lead the Commerce Department, a White House official said Tuesday. Bryson's appointment brings another private sector player into an administration that has been making a concerted effort to improve its relationship with the business community.
  • Too Big to Fail Surprises

    05/19/2011 3:26:02 PM PDT · by MrTim29 · 3 replies
    A Hollywood Republican ^ | 05/19/11 | Tim Ross
    I’ve written several articles skewering HBO for producing political projects destined to air immediately prior to the 2012 election, where the vast majority of the cast and crew are passionate Barack Obama supporters, and where the content is aimed at the Democrat’s two favorite Republican villains… Sarah Palin and Dick Cheney. So, when I sat down to watch HBO’s Too Big to Fail, I prepared myself for the worst. What I didn’t expect was the big surprise awaiting me. Too Big to Fail, which premieres on HBO on May 23, 2011, features a star studded cast recounting the events that...
  • Soros Has Begun Dumping Gold And Silver, While John Paulson Says Gold Will Go To $4,000

    05/04/2011 6:32:50 AM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 05/04/2011 | Joe Weisenthal
    John Paulson told a UK news show on Tuesday that gold is going to $4,000, reports WSJ. Despite some recent gyrations in the precious metals arena -- more so on the silver side of things -- the prominent investor remains super-bullish for the next 3-5 years. On the other hand, according to reporters Gregory Zuckman and Caroline Cui, Soros has been a seller of gold and silver lately. What what's interesting is why: Soros no longer sees a big threat of deflation. Huh? Yes, while the average person may still think of gold as a bet to counter inflation, the...
  • Senate report to reveal mortgage crisis details: WSJ

    04/03/2011 12:17:36 PM PDT · by NormsRevenge · 105 replies
    Yahoo ^ | 4/3/11 | AFP
    WASHINGTON (AFP) – The Senate will soon issue findings of a probe of the US mortgage meltdown that fueled the global financial crisis, with Goldman Sachs likely to face fresh embarrassment over its role, the Wall Street Journal reported Sunday. The Senate Permanent Subcommittee on Investigations, whose high-profile inquiry commission subpoenaed Goldman's and other executives last year, is due to release its report on the subprime implosion of 2007 and 2008. The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including...
  • Repayments to push US bank bailout into profit

    03/30/2011 6:34:08 PM PDT · by Toddsterpatriot · 55 replies
    Reuters ^ | March 30 2011 | David Lawder
    WASHINGTON, March 29 (Reuters) - The U.S. Treasury's bank bailout program will move into a profit for the first time on Wednesday with the expected repayment of $7.4 billion in taxpayer funds, Treasury officials said. The transfers to the Troubled Asset Relief Program will push recoveries from banks to $251 billion in repayments of capital, dividends, interest and other income. It invested $245 billion in banks during the financial crisis to help avert a U.S. financial system collapse. The officials did not identify the banks expected to repay funds. But SunTrust Banks Inc and Key Corp said on March 18...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • More Icelandic bankers arrested

    01/22/2011 6:21:38 PM PST · by Leisler · 18 replies · 1+ views
    Ice News ^ | 20 January 2011 | staff
    Iceland’s special prosecutor into the banking crisis has confirmed that raids have taken place today and that arrests have been made. The Central Bank of Iceland is among the institutions under investigation. Special Prosecutor, Olafur Thor Hauksson told that house searches are taking place in at least three places today as part of investigations into the central bank, MP Bank and Straumur Bank......
  • Bush: McCain’s Mistake (McCain fumbled GOP handling of financial crisis)

    11/09/2010 4:02:09 PM PST · by rabscuttle385 · 42 replies
    The Wall Street Journal ^ | 2010-11-09 | Louise Radnofsky
    Republican presidential nominee John McCain cornered President George W. Bush into convening a White House summit on the financial crisis – one that top administration officials thought could hurt the administration’s response to the crisis, Mr. Bush says in a new memoir. Mr. Bush writes that Mr. McCain, trailing in the polls and seeking to appear on top of the crisis, asked him to convene a special meeting to discuss a rescue package for the financial markets. Mr. Bush says he told the Arizona senator that he would first check with Treasury Secretary Hank Paulson to make sure a meeting...
  • Financial Expert Warns of Economic Collapse ( explains what happened in 2008 - hedge funds)

    08/26/2010 12:24:39 PM PDT · by Frantzie · 12 replies
    Accuracy In The Media ^ | 8-25-2010 | Cliff Kincaid
    In shocking news, the New York Times cites figures that investors withdrew $33.12 billion from domestic stock market mutual funds in the first seven months of this year when billions of dollars should have been expected to be flowing in.
  • Joe full of 'bull' on economy (Biden says stimulus worked--Repubs are skeptical)

    07/15/2010 5:46:23 AM PDT · by Liz · 46 replies · 1+ views
    NY Post ^ | 5/15/10 | S.A. MILLER
    VP Biden's bullish remarks--that $862B stimulus created or saved some 3.6M jobs--are part of a WH push to convince deeply skeptical voters that the economy is on a comeback.......Repubs question the validity of the numbers.
  • Goldman defender Buffett may need one

    05/04/2010 3:28:03 AM PDT · by Scanian · 8 replies · 649+ views
    NY Post ^ | May 4, 2010 | John Crudele
    W arren Buffett went to great lengths over the weekend to defend the behavior of Goldman Sachs, a company that is under attack from Washington. But the big question might turn out to be who will defend Buffett? Not only does the Oracle of Omaha own a large stake in Goldman, which he bought during the financial crisis, he also received at least one phone call from then-Treasury Secretary Hank Paulson in September 2008, during the height of the financial crisis. According to Paulson's phone log, which The Post received under a Freedom of Information Act request, Buffett got a...
  • Buffett Defends Goldman; Berkshire Posts Profit

    05/01/2010 2:08:55 PM PDT · by george76 · 5 replies · 401+ views
    wsj ^ | MAY 1, 2010 | SCOTT PATTERSON And ERIK HOLM
    Warren Buffett offered a vigorous defense of Goldman Sachs Group Inc. Saturday, saying the embattled firm hadn't engaged in improper activity and shouldn't be blamed for the losses of its clients. Goldman has been reeling from Securities and Exchange Commission allegations that the bank had engaged in fraudulent activities in relation to a mortgage deal called Abacus 2007-AC1. Goldman says it did nothing wrong. The billionaire investor said he fully supported Goldman CEO Lloyd Blankfein. Asked if he could choose a successor for Mr. Blankfein, Mr. Buffett said: "If Lloyd had a twin brother I'd go for him." Buffett also...
  • Paulson Point Man on CDO Deal Emerges as Key Figure (Paolo Pellegrini)

    04/19/2010 7:46:39 PM PDT · by NormsRevenge · 24 replies · 504+ views
    WSJ on Yahoo ^ | 4/19/10 | Gregory Zuckerman
    In 2004, Paolo Pellegrini was out of a job, living in a one-bedroom apartment in Westchester County, N.Y., with little money in the bank. He soon managed to land a gig working for hedge-fund manager John Paulson. Today, after helping Paulson & Co. score $20 billion with a bet against housing and pocketing about $175 million for himself, Mr. Pellegrini is an unnamed but key character in the government's lawsuit against Goldman Sachs Group Inc. (NYSE: GS), according to people familiar with the matter. The government alleges the bank deceived investors by selling them mortgage securities that the hedge fund...
  • CNBC Guest Tells Truth, Calls Cramer Shallow, Is Yanked Off Air

    04/16/2010 8:25:27 PM PDT · by george76 · 11 replies · 1,498+ views
    zero hedge ^ | 04/16/2010 | Tyler Durden
    Any time Erin Burnett tells a guest "You will not be back, you have to be more polite than that" you know the "guest" is telling the truth, the one commodity rarely if ever discussed on General Electric's circus station. Enter (or rather, exit) R&R Consulting's Sylvain Raynes, a structured finance expert, who at 3:10 into the clip takes on what he calls the "public relations officers" for Goldman, and asks "is it all right if I am a little critical?" Apparently the answer is no. First, Sylvain completely destroys Cramer's false "breaking news" about Goldman being long Abacus... And...
  • SEC Charges Goldman Sachs With Fraud On Subprime Mortgages

    04/17/2010 7:06:25 AM PDT · by george76 · 25 replies · 541+ views
    Business Insider ^ | Apr. 16, 2010 | Joe Weisenthal
    The SEC has filed civil charges against Goldman Sachs and its banker Fabrice Tourre for its role in structuring subprime mortgages, which it structured at the behest of hedge funders like John Paulson. Goldman shares are off 10%. At issue is the lack of disclosure of Paulson's role in selecting the assets that went into the CDOs. There is also an allegation that John Paulson was presented as having gone long the CDO, when in fact he was short.
  • Hedge fund manager in Goldman Sachs case is major Dem donor

    04/16/2010 7:43:50 PM PDT · by NormsRevenge · 59 replies · 2,661+ views
    The Hill ^ | 4/16/10 | Alexander Bolton
    The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties. Campaign fundraising records show that John A. Paulson, founder and chairman of the hedge fund Paulson & Co., gave $30,400 to the Democratic Senatorial Campaign Committee in June, qualifying him as a major Democratic donor. He also gave $2,300 to Senate Majority Leader Harry Reid’s (D-Nev.) reelection campaign in February of last year and $4,800 to Senate Banking Committee Chairman Chris Dodd (D-Conn.) last April, according to records filed at...
  • A volcanic cloud over Wall Street

    04/16/2010 6:44:46 PM PDT · by TigerLikesRooster · 13 replies · 610+ views
    Economist ^ | 04/16/10
    A volcanic cloud over Wall Street Apr 16th 2010 | NEW YORK From The charges against Goldman could have far wider consequences IS THE most powerful and controversial firm on Wall Street about to get the comeuppance that so many think it deserves? On Friday April 16th America’s Securities and Exchange Commission (SEC) filed civil charges against Goldman Sachs and one of its vice-presidents, Fabrice Tourre, for allegedly defrauding investors by failing to disclose vital information about a financial product linked to subprime mortgages, as America’s housing market was starting to wobble. Goldman’s shares tumbled, dragging down stockmarkets. The...
  • AZ-Sen. 2010: A closer look at McCain's remarks on financial bailout (McCain blames Bush)

    02/24/2010 9:37:54 AM PST · by rabscuttle385 · 13 replies · 417+ views
    The Arizona Republic, Phoenix, Ariz. | 2010-02-24
    Link only, per FR posting rules
  • McCain: I was misled on bailout

    02/22/2010 7:25:11 AM PST · by rabscuttle385 · 220 replies · 6,450+ views
    The Arizona Republic, Phoenix, Ariz. | 2010-02-22 | Dan Nowicki
    Link only, per FR copyright rules
  • HENRY M. PAULSON Jr.: How to Watch the Banks

    02/20/2010 11:15:42 AM PST · by neverdem · 6 replies · 344+ views
    NY Times ^ | February 16, 2010 | HENRY M. PAULSON Jr.
    SIXTEEN months ago, our financial system teetered on the brink of collapse. The Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation took actions that were unpopular and previously unthinkable — but absolutely necessary to stave off an economic catastrophe in which unemployment could have exceeded the 25 percent level of the Great Depression. These temporary actions have ended or will end. And our financial system is much more stable. But it is critical that we learn from the financial crisis and put in place reforms to avert a repeat of 2008 or something even worse. Congress must pass...
  • The Economic Equivalent Of War [Hank Paulson has a book out]

    02/16/2010 5:08:43 PM PST · by 1rudeboy · 49 replies · 742+ views
    Forbes ^ | 02.16.10, 05:55 PM EST | Robert Lenzner
    Hank Paulson tells how he brought us back from the brink of financial collapse by bending the rules of the free market. Stop sniping at Hank Paulson. The former Treasury Secretary saved the day by overcoming his predilection for free market capitalism and he didn't do it to save Goldman Sachs, his and my alma mater. His pragmatic boldness helped save the capitalist system from a possible total collapse.Read On The Brink, Inside the Race to Stop the Collapse of the Global Financial System (Business Plus, $28.99) and get Paulson's take on the whole affair. The facts are these: In...
  • When Mr. McCain Came to Washington

    02/06/2010 9:02:54 AM PST · by MarkAccord · 9 replies · 798+ views
    WSJ ^ | Ex-Treas. Secty. Henry Paulson
    Finally, raising his voice over the din, Obama said loudly, "I'd like to hear what Senator McCain has to say, since we haven't heard from him yet." The room went silent and all eyes shifted to McCain, who sat quietly in his chair, holding a single note card. He glanced at it quickly and proceeded to make a few general points. He said that many members had legitimate concerns and that I had begun to head in the right direction on executive pay and oversight. He mentioned that Boehner was trying to move his caucus the best he could and...
  • The Audacity Of Synthetics

    02/09/2010 9:28:58 AM PST · by FromLori · 3 replies · 332+ views
    The Market Ticker ^ | 2/9/10 | Karl Denninger
    DeepCapture has picked up something I've written about before, but none of these folks seem to put together the "big picture", as I outlined yesterday on my Blogtalk show. As Fiderer explains, Paulson asked the banks to create those CDOs “so that they could be sold to some suckers at close to par. That way, Paulson’s hedge fund could approach some other sucker who would sell an insurance policy, or credit default swap, on the newly minted CDOs. Bear, Deutsche and Goldman knew perfectly well what Paulson’s motivation was. He made no secret of his belief that the CDOs subordinate...
  • Goldman Caught Using European Loophole To Help Massively Understate Greek Deficit

    02/09/2010 8:10:19 AM PST · by FromLori · 51 replies · 979+ views
    The Business Insider ^ | 2/9/10 | Vincent Fernando
    This looks pretty bad for both Goldman and Greece, as if things could look worse. According to a scathing piece in Der Spiegel, European statisticians in Luxembourg have had a very difficult time getting proper Greek economic and financial data for years. Worse yet, Goldman Sachs appears to have been helping Greece take advantage of a European regulatory loophole in order to understate its deficits: Der Spiegel:
  • Bernanke And Paulson Are Free?

    02/07/2010 3:49:02 PM PST · by blam · 7 replies · 491+ views
    The Market Ticker ^ | 2-7-2010 | Karl Denninger
    Bernanke And Paulson Are Free?Sunday, February 7. 2010Posted by Karl Denninger in Corruption at 18:08 Lewis' "legal team" (maybe Ken Lewis himself) has apparently said: "If this thing goes to trial you can expect both Paulson and Bernanke to be on the witness list." If he's going down, he's bringing them down, too. Please? Paulson and Bernanke in the dock? That's worth a Youtube. Or a dozen Youtubes, especially if they get fitted for orange jumpsuits. And let me be clear: I believe they should be. Arm-twisting is one thing, but I suspect there's more than enough dirt to fit...
  • Thank the Heavens for Hank Paulson's Wonderful Memory

    02/07/2010 8:19:18 AM PST · by FromLori · 17 replies · 648+ views
    Economic Policy Journal ^ | 2/7/10 | Robert Wenzel
    Former Treasury Secretary Henry Paulson Jr. is out with his new book, On the Brink, where he details his version of events that occurred on Wall Street and Washington D.C.during the financial crisis while he was Treasury Secretary. All that you really need to know about this fairy tale can be found in the front of the book in what is labeled as "Author's Notes". In this preface, Paulson tells us that he doesn't take notes and doesn't use email and his staff was frustrated because he didn't send out memos, but fortunately, he tells us, he has a very...
  • Ken Lewis: If I’m Going Down, Hank Paulson and Ben Bernanke Are Coming Down With Me

    02/05/2010 2:42:22 PM PST · by FTJM · 45 replies · 1,755+ views
    New York Magazine ^ | 2/4/10 | Jessica Pressler
    No WAY is Bank of America CEO Ken Lewis going to be the only one to answer for the acquisition of crappy Merrill Lynch and its crappy bonuses, "a person close to Lewis's defense team" (who may or may not be Ken Lewis himself) tells Charlie Gasparino today on the Daily Beast. NO WAY will he be a scapegoat, alone, for the people who twisted his arm to go through with the Merrill deal by telling him he would be fired if he didn't. "If this thing goes to trial you can expect both Paulson and Bernanke to be on...
  • Two Days That Upended Wall Street

    02/01/2010 6:27:33 PM PST · by GOP_Lady · 29 replies · 681+ views
    The Wall Street Journal ^ | 01-31-10 | HENRY M. PAULSON JR.
    Former Treasury Secretary Paulson's New Book Details Tense Hours Leading Up to Lehman Brothers' Bankruptcy The following account of the tense 48 hours preceding the bankruptcy of Lehman Brothers is excerpted from former Treasury Secretary Hank Paulson's new book, "On the Brink." Early Saturday morning, I left the Waldorf-Astoria Hotel in Midtown Manhattan, climbed into a car, and sped down a deserted Park Avenue, arriving at the New York Fed just after 7 a.m. We rode the elevator up to the 13th floor, where Tim Geithner had arranged for me to work in an office just down the hall from...
  • Paulson: Russia Tried to Get China to Blow Up Fannie and Freddie

    01/31/2010 7:41:28 AM PST · by FromLori · 22 replies · 847+ views
    Economic Policy Journal ^ | 1/30/10 | Robert Wenzel
    Russia urged China to dump its Fannie Mae and Freddie Mac bonds in 2008 in a bid to force a bailout of the largest U.S. mortgage-finance companies, according to former-Treasury Secretary Henry Paulson, in his new book, On the Brink. Paulson learned of the “disruptive scheme” while attending the Beijing Summer Olympics. In his memoir, Paulson writes, according to Bloomberg which was able to obtain a copy of the book before its official publication date of February 1, that the Russians made a “top-level approach” to the Chinese “that together they might sell big chunks of their GSE holdings to...
  • Paulson claims Russia tried to foment Fannie-Freddie crisis

    01/29/2010 4:06:54 PM PST · by lwd · 30 replies · 1,289+ views
    Financial Times ^ | Published: January 29 2010 21:06 | By Krishna Guha in Washington
    Russia proposed to China that the two nations should sell Fannie Mae and Freddie Mac bonds in 2008 to force the US government to bail out the giant mortgage-finance companies, former US Treasury secretary Hank Paulson has claimed. The allegation is in his memoir On the Brink in which he also suggests that Alistair Darling, the UK chancellor, blocked a rescue takeover of Lehman Brothers by Barclays Bank when he refused to support special treatment by UK regulators. “Russian officials had made a top-level approach to the Chinese, suggesting that together they might sell big chunks of their GSE holdings...
  • Paulson: Crazy Putin Pushed China To Dump Fannie Bonds And Crush The U.S. Financial System

    01/29/2010 3:22:36 PM PST · by TigerLikesRooster · 35 replies · 1,606+ views
    Business Insider ^ | 01/29/10 | Vincent Fernando
    Paulson: Crazy Putin Pushed China To Dump Fannie Bonds And Crush The U.S. Financial System Vincent Fernando | Jan. 29, 2010, 9:59 AM | 3,478 | comment 32 Tags: Economy, Markets, China, Credit Crisis, Politics Some scary details have emerged from Hank Paulson's memoirs. Allegedly, it appears Russia may have tried to conspire with China in a bid to collapse the U.S. financial system. They were hoping to sell Fannie and Freddie bonds during a time when the U.S. economy was on the ropes. This happened back around the Beijing Olympics, when the U.S. was supporting Georgia against Russia in...
  • AIG, Paulson and Geithner

    01/27/2010 3:58:31 PM PST · by FromLori · 5 replies · 368+ views
    The Market Ticker ^ | 1/27/10 | Karl Denninger
    These hearings are simply amazing. First, Tim Geithner. Timmy made a lot of noise about "total meltdown" risk (and indeed even referenced the possible loss of civil order!) but the question that was not asked is this: Who stoked that fear in Congress? That would be Bernanke and Paulson, right? They in fact told Congress "either hand over $700 billion for buying troubled assets or tanks will be in the streets." But then - on top of that - they didn't do what they said they needed the money for and there were no tanks! So we're stuck with a...
  • Paulson: 25% unemployment rate without AIG bailout

    01/27/2010 10:29:42 AM PST · by Cheap_Hessian · 18 replies · 482+ views
    MarketWatch ^ | January 27, 2010 | Ronald D. Orol
    WASHINGTON (MarketWatch) - Facing criticism on Capitol Hill, former Treasury Secretary Henry Paulson on Wednesday defended his decision to complete a $182 billion bailout of American International Group Inc., arguing that the unemployment rate would have risen easily to 25% without the bailout. "If the system had collapsed millions more in savings would have been lost," said Paulson, who was Treasury Secretary at the time of the bailout, at a hearing.
  • Paulson Asked to Testify at Hearing on AIG Payments to Partners

    01/16/2010 1:44:50 PM PST · by La Enchiladita · 235+ views
    Wall Street Journal ^ | Jan. 16, 2009 | Sudeep Reddy
    WASHINGTON—The chairman of the House Oversight and Government Reform Committee asked former Treasury Secretary Henry Paulson to testify at a hearing later this month focusing on payments to trading partners of American International Group Inc. Rep. Edolphus Towns (D., N.Y.) said also invited Stephen Friedman, a Goldman Sachs director and former chairman of the Federal Reserve Bank of New York, the committee said in a statement. The Jan. 27 hearing already is scheduled to include testimony from Treasury Secretary Timothy Geithner, who was president of New York Fed, when AIG was rescued by the U.S. government in September 2008. The...
  • Bernanke faces critics in bid for 2nd term (DeMint opposes as Graham backs Bernanke, bailouts)

    12/26/2009 9:27:45 PM PST · by rabscuttle385 · 15 replies · 818+ views
    The Herald, Rock Hill, SC ^ | 2009-12-27 | James Rosen
    (snip) Sen. Lindsey Graham believes his fellow South Carolina Republican's verdict is too harsh. He plans to vote to confirm Bernanke, who just turned 56. “I remember what it was like in September 2008 when the stock market went down a thousand points, and we had one failure after another of major financial institutions,” Graham told McClatchy. “Bernanke and some others came up with a game plan to save us from another Great Depression,” Graham said. “I think he's been a pretty steady hand at the tiller.” DeMint also blasts Bernanke on the $700 billion financial bailout bill pushed by...
  • OneWest buys First Federal as 7 US banks fail

    12/19/2009 3:24:02 PM PST · by La Enchiladita · 21 replies · 959+ views
    Reuters ^ | Dec. 18, 2009 | Gina Keating
    **** Bank failures now total 140 in 2009 **** LOS ANGELES/NEW YORK, Dec 18 (Reuters) - OneWest Bank, formerly failed mortgage lender IndyMac, bought the assets of First Federal Bank after it was closed by U.S. regulators, in a deal that may bolster the case for private investment in banks. California's First Federal was one of seven U.S. lenders closed on Friday by regulators, bringing the total number of U.S. bank failures this year to 140. The 39 branches of First Federal -- formerly controlled by FirstFed Financial (FFED.PK) -- reopen on Saturday as OneWest Bank FSB. In addition to...
  • The right reform for the Fed (Bernanke defends bailouts, pushes globalist central banking)

    11/27/2009 11:14:14 PM PST · by rabscuttle385 · 3 replies · 820+ views
    (snip) I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions. Notably, some leading proposals in the Senate would strip the Fed of all its bank regulatory powers. And a House committee recently voted to repeal a 1978 provision that was intended to protect monetary policy from short-term political influence. These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the...
  • Paulson: Time to respect success

    11/23/2009 9:04:29 AM PST · by Signalman · 175+ views
    Ventura Co. Star ^ | 11/22/2009 | Terry Paulson
    Milton Friedman said with passion: “The record of history is absolutely clear that there is no alternative way, so far discovered, of improving the lot of ordinary people that can hold a candle to the productive activity that is unleashed by the free enterprise system.” As imperfect as American capitalism is, it has still made America the “shining city on the hill” where immigrants still stand in line and cross borders to find opportunity. Those who worked hard to earn success and wealth used to be respected; now they’re more likely to be the subject of envy and derision. It’s...

    11/12/2009 9:48:02 AM PST · by Dick Bachert · 33 replies · 1,174+ views
    MSNBC ^ | Not Known | Dick Bachert
    IF THIS DOESN'T HACK YOU OFF, NOTHING WILL!!! Take your blood pressure meds, a Prozac and click on the link. It was described thus by an earlier critic of the madness we're now living through: “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many (THAT'D BE MOST OF US), it actually enriches some.” (THAT'D BE GOLDDMAN-SACHS!) John Maynard Keynes, The Economic Consequences of The Peace, 1920 Obozo and Bawney Fwank are...