Word: paulsons
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...Paulson says that he acted as expediently as he could. The financial and credit system probably was days from collapse when he received the first $350 billion of TARP funds. Paulson would probably agree that his actions were not based on careful plans, but the time for careful plans had passed...
...President Obama has a right to be incensed. Paulson and the Congress could have said that no one employed on Wall St could be paid more than $100,000 for the work they did in 2008 no matter how remarkable the results. It would have, in effect, put the Treasury in a position where it was running banks at a granular level. In October ,however, the government was not nearly as close to running the banks...
...Paulson and Representative Frank could have put in a number of rules the day the TARP cleared Congress. Frank agreed to an oversight commission that would review how the money had been spent, after it was spent. By doing that he simply wasted the time of this commission. It became nothing more than witnesses to recent history...
...Paulson stayed away from the bonus issue for two reasons. The first is that fighting with the banks over which investment banker should be paid what amount would have taken too long. The second was that he did not want to appear to be the de facto CEO of all the companies which got TARP money. He decided that in this crisis the banking executives would have to use their own discretion in the use of the money. He chose to leave this decision to their boards and not the Treasury. And as it became clear that the government would...
...bonuses were paid. It made no sense that the most highly paid people on Wall Street continued to make extraordinary amounts of money with the bonus payments, when their companies had to bailed out by taxpayers. In an ideal world, they would not have been given those bonuses. But, Paulson was not willing to push that point. He did not have the time to make the effort...