Word: hanks
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When Lehman Brothers calls up [Treasury Secretary Hank] Paulson, what do you expect them to say? "Gosh, I got to worry about my Maserati or my plane payments?" No. They call up and shriek about systemic risk. Come on. Investment banks have been going bankrupt for hundreds of years and the world has still somehow survived. This approach has never worked. This is what the Japanese did in the 1990s. They refused to let anyone fail. And they had zombie banks and zombie companies. The way the system is supposed to work is when we have bad times, the assets...
...prevent the company’s collapse, the Federal Reserve crated an $85 billion credit line in exchange for an equity stake in the company. Currently the company is faced with another tough decision: should it hold its executive retreat in Cabo or Bali this year? And would Hank Paulson want to go snorkeling? What would you advise? Case 2 You are advising a paper-goods company located in Scranton, Pa. Two of the employees, Angela and Andy, are engaged to be married, but the assistant (to the) regional manager, Dwight, is also in love with Angela. Additionally, the branch...
...damage had been mounting so swiftly that in the midst of a global stock-market rout that ate 18% of the Dow, Treasury Secretary Hank Paulson was forced to import a plan he once considered practically un-American. Paralleling a program authored by U.K. Prime Minister Gordon Brown, it called for the U.S. government to take partial ownership of nine leading banks and offer to buy pieces of hundreds of others. On Oct. 13, the nine bank bosses, assembled in the Treasury's imposing boardroom, were each handed a piece of paper with the terms: $25 billion of preferred shares...
...banking system undergoes its most wrenching overhaul in 70 years, Bair, chairwoman of the FDIC, has become the voice of ordinary passbook holders. Bair was front and center with Treasury Secretary Hank Paulson and Fed boss Ben Bernanke when they announced plans to recapitalize the U.S. banking industry. But the three aren't always in perfect alignment. As guarantor of Americans' $4.5 trillion in deposits spread around in some 8,500 U.S. banks, Bair is trying to balance both the needs of depositors like the storied Mrs. Lobsiger and those of big-name players like Citigroup who help generate much...
...material and structural differences between the Depression era and the crisis we face today are significant. But the most important and consequential differences lie in the realms of ideas and attitudes, especially regarding the role of government. Consider what might be called "the tale of two Secretaries." Treasury Secretary Hank Paulson (along with Federal Reserve Chairman Ben Bernanke, who presides over an immeasurably more potent Federal Reserve system than existed in 1929) has acted with vigor to bring the full powers of the Federal Government to bear in the current crisis. In dramatic contrast, when Herbert Hoover asked his Secretary...