Word: paulsons
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...Investment banks have been paying out bonuses for decades and in many years those sums were astronomical. Certainly Mr. Paulson, who ran Goldman Sachs before going into public service, knew about it as did everyone in the New York Federal Reserve. Paulson had, after all, had his years of big bonus payments. (Read TIME's story on whether Paulson can save the economy...
...taxes in 2001-02 but neglect to mention 2003-04 [Jan. 26]. Yes, he paid them with penalties and interest but only after he was caught, first by the IRS and again by Obama's transition team. The election is over; TIME should get back to factual reporting. Rich Paulson, SOAP LAKE, WASH...
What's clear is that Geithner, unlike his predecessor Henry Paulson, does not face a growing chorus of voices calling for a particular plan. Initially, Paulson was reportedly in favor of spending TARP money to buy up troubled assets. But shortly after the bank rescue fund passed Congress, a flood of economists came out against Paulson's plan. Instead, most policy experts advocated a plan to inject capital into the banks by buying preferred shares. The latter strategy would be quicker to implement and would do a better job of stimulating lending. Britain was instituting a similar plan...
...China over its currency policy. Trade hawks in Congress, pushed by union allies and some manufacturing lobbies in Washington, have long pined for this. But the Bush Administration resisted, preferring to fold the currency issue into the broader biannual "strategic economic dialogue" (SED) started by former Treasury Secretary Hank Paulson. That less confrontational setting was more likely to produce results on the currency issue than any forum that smacked of the U.S. putting Beijing on trial for "manipulation," the Bushies believed. In fact, over the past two years, the RMB did rise nearly 20% against the dollar. (Read "China...
...hope you saved your receipts. The IRS will let you write off a third of the amount of your job-search expenses as long as you land a job in your usual field. And since Geithner reportedly has held more than one meeting with current Treasury Secretary Paulson in the past year, it is safe to say he is staying in the same line of work. One thing to watch out for, Tim: expenses must be reasonable in the eyes of the IRS. So if you flew first-class to Chi-Town, you are probably going to be able...