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Keyword: paulson

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  • Wall Street's Naked Swindle

    10/17/2009 6:09:52 AM PDT · by Wolfie · 134 replies · 5,004+ views
    Rolling Stone ^ | Oct. 14, 2009 | Matt Taibbi
    <p>On Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst.</p>
  • Despite denials, Feds knew of Merrill bonuses

    10/13/2009 10:19:35 AM PDT · by BGHater · 6 replies · 412+ views
    The Washington Times ^ | 12 Oct 2009 | Sean Lengell
    Dispute of Paulson, Bernanke testimony Court documents show that federal regulators were told about billions of dollars in bonuses awarded to Merrill Lynch executives during the company's takeover by Bank of America - contradicting statements to Congress by Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. The Securities Exchange Commission (SEC), in a brief filed in ongoing litigation with Bank of America Corp., said the bank informed the Treasury Department and the Federal Reserve of the Merrill Lynch bonuses as early as Dec. 17 - weeks before the government approved a $20 billion bailout...
  • The Great American Bubble Machine (Goldman Sachs runs everything, it seems)

    09/25/2009 9:25:39 PM PDT · by STARWISE · 40 replies · 1,956+ views
    Rolling Stone ^ | 7-13-09 | Matt Taibbi
    From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again ### The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a...
  • What did Hank know and when did he know it?

    09/22/2009 6:21:11 PM PDT · by BGHater · 10 replies · 1,460+ views
    NY Post ^ | 22 Sep 2009 | John Crudele
    HANK Paulson has admitted that he kept in touch with "market participants" on Wall Street when he was Treasury secretary. But did the former head of Goldman Sachs use his government position to enrich his friends during one of the most tumultuous times in US financial history? Paulson's phone logs, which I obtained after a Freedom of Information Act request, show that the Treasury chief kept in frequent touch with a virtual Who's Who of Wall Street's power players. But a half-hour block of time could prove to be the most intriguing bit of non-information in his schedule. Let me...
  • Rescuing ACORN

    09/26/2008 5:25:14 PM PDT · by Kaslin · 21 replies · 1,759+ views
    IBD Editorials ^ | September 26, 2008
    Election '08: Democrats want to use profits from the bailout as a slush fund for liberal activist groups, even those involved in vote fraud to help elect Barack Obama.Prior financial bailouts, or "rescues," such as those involving savings and loan failures, and Chrysler, have over time actually made money for the government. It may be the case here as well, as assets bought by the government at bargain prices return to marketable values and are auctioned off. One of the sticking points in resolving the crisis was a poison pill in the Dodd/Paulson compromise that would move 20% of profits...
  • Bush didn't understand Paulson's bailout

    09/16/2009 7:38:51 AM PDT · by freepersunite · 42 replies · 1,665+ views
    Spectator ^ | 16th Sep | James Forsyth
    Fascinating details of last years financial bailout have emerged in a new book by a former White House insider. The Bush administration felt that the Treasury Secretary, Hank Paulson, kept changing his proposal leaving the President to demand: "You’ve got to tell me what you’re doing.”
  • 'We're Going to Have Zombie Capitalism for the Next 15-20 Years,' says Jim Rogers

    09/16/2009 6:28:56 AM PDT · by ex-Texan · 86 replies · 3,295+ views
    Business Intelligence - Middle East ^ | 9/14/2009 | BI-ME staff
    INTERNATIONAL. Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers said the Fed and the US Treasury should have let 10 banks fail, not just Lehman Brothers, for the financial system to clean itself up. Speaking to CNBC Wordwide Exchange today Rogers said "All the government officials and bureaucrats loved the fact Lehman failed, because they could all jump in and support banks." "This whole problem was not caused by Lehman Brothers or Lehman Brothers failure. Lehman was an effect not a cause." "The real problem over the past 10-15 years has been that regulators have not...
  • The Last Days of Lehman Brothers

    09/14/2009 10:07:09 AM PDT · by FromLori · 32 replies · 1,662+ views
    Economic Policy Journal ^ | 9/14/09 | Robert Wenzel
    A BBC production of the last days of Lehman Brothers is a must see. You have to read between the lines a bit, but the production shows how Treasury Secretary Paulson treated Lehman different from the way he handled others that had just as many problems as Lehman. In a nice touch, the BBC hints that Paulson tipped off former Goldman man, and then Merrill CEO, John Thain, of the trouble ahead----which was behind Merrill's sale to Bank of America. The dramatization does a nice job of showing Thain's style in landing an incredible $29 per share for Merrill from...
  • Congress: Where are the Subpoenas?

    08/31/2009 11:41:20 AM PDT · by spyone · 29 replies · 3,066+ views
    The Market Ticker ^ | August 31, 2009 | Karl Denninger
    Watch the above - six minutes and worth every bit of it. From that interview (specifically, at 3:20 in): 1.Paulson told this person (who is writing a biography, apparently) that he intended to use the TARP money to inject into the banks and not buy toxic assets a full ten days before he testified before Congress. 2.He then testified before Congress to exactly the opposite. This is about as clear an allegation of perjury (which, by the way, we've heard before - remember Kashkari making essentially the same allegation in his Congressional testimony?) as I've seen. Now the questions:
  • Watchdog: TARP tab could hit $24 trillion

    08/18/2009 6:15:55 PM PDT · by chuck_the_tv_out · 19 replies · 1,000+ views
    The Washington Times ^ | Tuesday, July 21, 2009 | Sean Lengell
    Think last year’s $700 billion Wall Street rescue package was beaucoup bucks to spend bailing out the nation’s floundering financial system? That’s chump change compared to what the overall price tag could be, a government watchdog says. The inspector general in charge of overseeing the Treasury Department’s bank-bailout program says the massive endeavor could end up costing taxpayers almost $24 trillion in a worst-case scenario. That’s more than six times President Obama’s proposed $3.55 trillion budget for 2010. Much of the bailout’s attention has focused on the Treasury’s $700 billion Troubled Asset Relief Program, or TARP, which Congress hurriedly passed...
  • No shortage of calls and e-mails to Minnesota's delegation in health care debate

    08/11/2009 8:34:51 PM PDT · by MplsSteve · 10 replies · 657+ views
    Minneapolis StarTribune (aka The Red Star) ^ | 8/11/09 | Bob Von Sternberg/Eric Roper - Staff Reporters
    As the national health care debate grows more strident, members of Minnesota's congressional delegation say constituents are swamping their switchboards and e-mail in-boxes to weigh in on the issue. Despite a full plate of other issues facing the Obama administration and Congress -- from the still-sickly economy to dual wars overseas -- health care trumps them all. Fully half the calls made to Democratic Sen. Al Franken's office are on health care. It's also Topic One in the office of U.S. Second District Rep. John Kline, where more than 3,000 calls, letters and e-mails have poured in, with most running...
  • The Final Days of Merrill Lynch

    08/11/2009 7:49:47 AM PDT · by BGHater · 3 replies · 460+ views
    The Atlantic ^ | September 2009 | William D. Cohan
    Last September, as Wall Street turned to rubble and panic threatened to come unleashed, Ken Lewis, the CEO of Bank of America, agreed to swallow one of the country’s most toxic investment houses. The deal was not altogether voluntary; as details have slowly emerged, the coercive role of the Fed and Treasury has loomed larger. What exactly happened in the weeks leading up to the merger? Did the deal save us all from economic apocalypse? And what does the government’s unprecedented role in it portend for the future of our economy? It’s been almost a year since Bank of America...
  • Paulson’s Calls to Goldman Tested Ethics

    08/10/2009 7:08:28 AM PDT · by BGHater · 12 replies · 519+ views
    The New York Times ^ | 08 Aug 2009 | GRETCHEN MORGENSON and DON VAN NATTA Jr.
    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. But today, seven months after Mr. Paulson left office, questions are still being asked about his part in decisions last fall to prop up the teetering financial system with...
  • Hank Paulson In Constant Contact With Goldman During Crisis (GS)

    08/09/2009 7:18:23 AM PDT · by FromLori · 25 replies · 1,286+ views
    Bottom line: he was in touch with Goldman a lot. While Mr. Paulson spoke to many Wall Street executives during that period, he was in very frequent contact with Lloyd C. Blankfein, Goldman’s chief executive, according to a copy of Mr. Paulson’s calendars acquired through a Freedom of Information Act request. During the week of the A.I.G. bailout alone, Mr. Paulson and Mr. Blankfein spoke two dozen times, the calendars show, far more frequently than Mr. Paulson did with other Wall Street executives. On Sept. 17, the day Mr. Paulson secured his waivers, he and Mr. Blankfein spoke five times....
  • Yep, The Bailout Was Based On A Big Fat Lie

    08/03/2009 5:56:38 AM PDT · by FromLori · 11 replies · 1,644+ views
    Sophisticated people have a hard time understanding popular outrage about the banking bailout. Indeed, the TARP watchdog Neil Barofsky's complaints that most TARP dollars were used to increase capital cushions and pay bonuses rather than increase lending strikes many as a silly complaint. Of course banks needed to recapitalize themselves before they could start lending, the sophisticates say. In fact, some people insist on claiming that the purpose was always a recapitalization of the banks. That might be true. But it certainly was not what the American people were told over and over again. They were told, unequivocally, that the...
  • JPM's Dimon Was Paulson's Go-To Guy On Street: Book

    08/02/2009 11:29:36 PM PDT · by CutePuppy · 4 replies · 370+ views
    NY Post ^ | August 02, 2009 | Mark DeCambre
    Days after Lehman Brothers' stunning collapse last Sept. 15, then-Treasury Secretary Hank Paulson placed an urgent call to JPMorgan Chase CEO Jamie Dimon and asked the banking veteran to buy rival Morgan Stanley to save it from suffering a similar fate, according to an upcoming book. Dimon, who had come to be seen as the banker of last resort after acquiring Bear Stearns in a government-sponsored takeover the previous March, had misgivings on such a move, though, and passed on the opportunity. The reason, according to the book, was that it would be too difficult to integrate the two similarly...
  • Paulson: Time to pack up and leave (Time for Obama to pack up and leave)

    07/20/2009 10:13:06 AM PDT · by Signalman · 7 replies · 543+ views
    Ventura Co. Star ^ | 7/20/2009 | Terry Paulson
    President Barack Obama is no horse whisperer wooing America into embracing change. An articulate bull has been unleashed in America’s china shop. His sweet talk and promises of bipartisanship have given way to a radical liberal bent on transforming America into a socialistic nightmare we can’t afford! He may actually believe that his vision for America is best, but the poll numbers for his plans are dropping fast. Americans are taking off their rose-colored glasses because the economy is not improving. Brian Thompson of the Museum of American Financial History asserts: “Wall Street is predicated on optimism. The very acts...
  • Congressman Stearns: Mr Paulson How Do You Have Any Credibility?

    07/19/2009 12:49:39 PM PDT · by Orange1998 · 14 replies · 617+ views
  • The Genius of Goldman?

    07/16/2009 6:27:05 PM PDT · by ovrtaxt · 22 replies · 1,396+ views ^ | 7-14-09 | SliderOnTheBlack
    The Genius of Goldman? July 14th, 2009 · 41 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...
  • Lawmakers Spread Blame on Bank of America-Merrill Deal

    07/16/2009 3:30:39 PM PDT · by FromLori · 3 replies · 263+ views
    WSJ ^ | 7/17/09
    WASHINGTON -- Former Treasury Secretary Henry Paulson misled Congress and along with Federal Reserve Chairman Ben Bernanke looked the other way as major mistakes were made at Bank of America Corp. even as the government was preparing a $20 billion aid package for the firm, U.S. lawmakers charged Thursday. Mr. Paulson, making his first appearance on Capitol Hill since leaving office in January at a hearing before House Committee on Oversight and Government Reform, defended the government's response to the financial crisis and his role in ensuring Bank of America closed its transaction for Merrill Lynch & Co. But lawmakers,...