Word: paulson
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Dates: during 2000-2009
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...Goldman Sachs, the investment-banking house that has been the single largest supplier of financial talent to the government. Critics have been quick to note - and not favorably - the almost uncanny influence of former Goldman executives. Initial phases of the rescue were orchestrated by ex-Goldman chairman Hank Paulson, who was recruited as Treasury Secretary in part by former White House chief of staff and Goldman senior exec Josh Bolten. Goldman's current boss, Lloyd Blankfein, was invited to participate in meetings with the Fed. AIG's Liddy is a former Goldman director and an ex-CEO of Allstate. Another...
...effectively taken a page out of the AIG playbook for gaming the Administration and Congress. Henry Paulson and his associates were led to believe, perhaps rightly, that if AIG failed it would cost other financial companies so significantly that the government would have to bailout almost every large financial firm in the country. GM's argument is even simpler. A liquidation of the car firm would probably cost tens of thousands of jobs at the company, and many times that at suppliers. That argument is also old, but with the chance of liquidation in the next few months becoming more...
LaRoe started getting calls immediately. People who had pledged to invest half a million dollars were dialing back to $200,000. Those who had been offering $200,000 were opting out altogether. Throughout the fall, the hits kept coming. Washington Mutual collapsed. Wachovia was sold off. Treasury Secretary Hank Paulson went before Congress begging for money, looking as if he'd seen a ghost. "It got to the point where I didn't want to pick up the paper or turn on the TV," says LaRoe. "The mantra I kept singing was 'This is perfect, guys. This is perfect...
...country's banking system was effectively nationalized in October when then Treasury Secretary Hank Paulson called the heads of the nine biggest banks into his office and told them they couldn't leave before agreeing to take billions of dollars of government money and hand over ownership stakes in return...
...Paulson approach was to throw money at good banks and bad alike, so there would be no stigmatized bad ones--in return for preferred shares that promised income for taxpayers but no direct federal control. In the context of the imminent collapse of the financial system that Paulson and Fed Chairman Ben Bernanke feared, this was understandable. Now it's time for a different approach...