Word: paulson
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...Treasury Secretary Henry Paulson had been warning that such measures could prevent companies from participating in the program, but on Sept. 24 he relented in the face of political pressure. "The American people are angry about executive compensation, and rightfully so," he told the House Committee for Financial Services. "We must find a way to address this in legislation without undermining the effectiveness of the program...
...becomes clearer what the frenzy in New York City and Washington is all about. There are major quality issues with our nation's flagship product. The authorities have acknowledged the problem--"This is a humbling, humbling time for the United States of America" is how Treasury Secretary Hank Paulson put it in one TV interview. So now Paulson & Co. are recalling defective financial products en masse, slapping GUARANTEED BY THE U.S. GOVERNMENT labels on some of them and replacing others outright with U.S. treasuries...
...Paulson faces other problems on Capitol Hill too. Both parties in Congress are by now deeply skeptical of any new Administration demands for increased executive authority and are vehemently pushing for more oversight of how Treasury will manage the bailout. The Paulson plan is bigger in that regard than just about anything Bush asked for in the war on terror. Section eight of the proposal he sent to Congress says, for example, "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court...
...economy, it's not good to throw huge money at a bunch of Wall Street firms, especially when each party is worried the other is going to bluff and ultimately try to use the deal as a populist rallying cry. This is compounded by the fact that Paulson just happened to lead one of the biggest market players, Goldman Sachs, before coming to Treasury. In that role, he acknowledges, he placed a lot of the bad debt that the now defunct Fannie Mae and Freddie Mac were peddling. "Yeah, I and everyone else placed Fannie and Freddie debt," he says...
...shadow system grew nearly to the size of the real banking system, and its demise now threatens both. "As much as I don't want to be here asking for this, it pains me to do this, we believe that this is much less costly than the alternative," Paulson said this morning. "The taxpayer is already on the hook for the impact on the economy if our financial markets don't work the way they need to work," he said...