Word: paulsons
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...Analysts are also upset because the presentation did not come with a Gantt chart showing the details and timing of each aspect of every program in the bailout. They are afraid that it is simply written on a cocktail napkin, which is exactly what Henry Paulson did with the diagram of how he intended to spend the $350 billion that he wanted to put into the banking system...
...Paulson may not be remembered kindly by many who thought he told the Congress he would buy toxic assets from financial firms and then bought preferred shares in them instead. But, Paulson was in a race, which may have lasted only days if it had failed, to save the largest money center firms from collapsing...
...promise-much approach might turn out to be awfully smart. If one leaves aside the actual details of his not-all-that-detailed proposal, one of the most important jobs of a Treasury Secretary in troubled times like these is to instill confidence. Geithner's predecessor, Hank Paulson, was a believer in doing so by means of bold statements. That served him well for a while, but when the crazy events of the fall made Paulson repeatedly eat his words, confidence in his leadership fell quickly. It is always a mistake, Geithner's mentor (and Obama's top economic adviser...
None of this means Geithner will be a success as Treasury Secretary. He's still got to actually succeed at nursing the financial system back to health. "Hank [Paulson] was in emergency-room care," says Paul McCulley, a managing director and head of the short-term-bond desk at money-management giant Pimco, "whereas Tim is still in emergency-room care but also preparing a room for further care after the emergency." He at least shows signs of having a good bedside manner...
...Treasury not only wants to spend the TARP in ways that Paulson did not. It wants to create independent oversight to make sure that all decisions about the money are reviewed promptly. That puts yet another wheel on the wagon...