Word: paulsons
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...drifted away from its core mission under Warren's leadership and spends too much time editorializing on the plight of middle-class families, the focus of Warren's academic research. Her relationship with Treasury has been rocky. She got into a low-level war with former Treasury Secretary Henry Paulson and his staff over their perceived unwillingness to share information, and she had a shaky start with Geithner, who didn't seem to take the panel seriously at first. In an "Additional View" filed with the panel's June report, Republican panel member Jeb Hensarling wrote, "By choosing to focus...
...investigate Treasury's actions, Warren's oversight panel was left with little actual power. But it performs a much more public function. Though some of the panel's reports have been less than revelatory, there have been some worthy and newsmaking insights, like the suggestion that for every $100 Paulson spent buying stakes in troubled banks, the government received assets worth only $66. The panel's most recent report, released June 9, concludes that the government's "stress tests" of banks should be repeated under more stringent conditions in the future. (See the top 10 bankruptcies...
When asked whether it was even possible to determine what happened to all the money Congress rushed last fall to financial institutions, she said, "It's a wonderful irony, isn't it? Once Paulson gave this money away on a no-strings basis, it became effectively impossible to trace it." But, she says, it won't happen again: "It's a $300 billion mistake that we will not repeat...
...loans. And the assets that were purchased, you put them up for auction. Just like the Resolution Trust. And the money that is raised from that goes back into the Treasury and hopefully pays down what it took to buy those assets. But still, [former Treasury Secretary Henry] Paulson and others haven't faced the one issue that has to be dealt with, and that's what you do with these loans and this bad real estate. Instead of that, they passed out all this TARP money to banks, and the banks aren't lending because the essential problem hasn...
That means prominent former top executives of financial-services companies may be getting a lot of attention from recruiters in the next few months. John Reed, the former CEO of Citibank, is among the group of individuals who recruiters say should be on any bank's short list. Henry Paulson, the former Treasury Secretary, could be a candidate as well, though some question whether a Paulson appointment would win points with the current Administration...