Word: paulsons
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...strict limits on how much Chinese citizens can legally invest abroad. There are trade barriers on what businesses foreign banks can go into inside China. And there are no derivatives markets. In an Oct. 21 speech in New York to a U.S.-Chinese business group, Treasury Secretary Henry Paulson all but pleaded with his counterparts in Beijing not to learn the wrong lessons from "the mistakes we have made," and to continue liberalizing their financial system...
...Well, mostly. There has been a rearguard action among conservatives - "market skeptics," is how one U.S. source describes them - to throw sand in the reform gears as the global carnage mounts. That, in part, explains Paulson's speech in New York. The conservatives have made some headway. Fan Gang, a liberal economist and adviser to the Ministry of Finance, says that any move towards derivatives trading on the Chinese exchanges is, at least for now, "probably on hold...
...That exec was Henry Paulson, then the CEO of Goldman Sachs, now U.S. Treasury Secretary. Four years later, the SEC complied, amending the rule; the effect was to allow Wall Street to borrow even more money to finance its businesses. At the most aggressive investment banks, leverage ratios reached 30 to 1. That is, for every dollar in equity capital the firm had, it borrowed...
...Stem the tide of foreclosures. The original Paulson plan is like a massive blood transfusion to a patient with severe internal hemorrhaging. We won't save the patient if we don't do something about the foreclosures. Even after congressional revisions, too little is being done. We need to help people stay in their homes, by converting the mortgage-interest and property-tax deductions into cashable tax credits; by reforming bankruptcy laws to allow expedited restructuring, which would bring down the value of the mortgage when the price of the house is below that of the mortgage; and even government...
...Paulson, Henry •lack of pride in botching of economy is declared...