Henry Paulson, then the Treasury secretary, in his office last September, the month Lehman fell and the bailout took shape. By Nigel Parry/CPi Syndication. It was February 2008, and Henry M. Paulson Jr., a prince of Wall Street turned secretary of the Full Story »
Posted by Derek Hawkins - via Real Clear PoliticsTo:
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This is a very friendly view of Hank Paulson, whose personal style and characteristics are emphasized. There is no critical examination of his account of the fiscal fiasco the Fed and Treasury abetted Wall Street in executing.
Geithner’s name came up so frequently in Paulson’s conversation that one began to think of the pair of them—and others formed by the same Wall Street culture—as representatives of some extra-partisan third force.
I have difficulty accepting that all those top financial wizards were "surprised at how the crisis in the subprime-mortgage market became, by the fall of 2008, a global economic meltdown." or that he and Bernanke "were ahead of a lot of people in understanding how serious" the situation was. They were insiders who must have known the rampant fraudulent practices were creating billion dollar bonuses for their cohorts .