Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Henry Paulson, Banker to the BFEE

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:23 PM
Original message
Henry Paulson, Banker to the BFEE
Want to know where the bailout trillions went? Ask Henry Paulson, banker and accountant to the Bush Family Evil Empire.
The guy cut his teeth in the Nixon White House, working for John Ehrlichman, domestic advisor and Master Plumber.
You may remember Nixon is the president who said, "I am not a crook."

So today, he's the architect of the Wall Street Bailout. Here's what his gig means in dollars and sense of power:





Who is Henry Paulson?

By Tom Eley
23 September 2008
WSWS.org

EXCERPT

Since taking office, Paulson has overseen the destruction of three of Goldman Sachs rivals. In March, Paulson helped arrange the fire sale of Bear Stearns to JPMorgan Chase. Then, a little more than a week ago, he allowed Lehman Brothers to collapse, while simultaneously organizing the absorption of Merrill Lynch by Bank of America. This left only Goldman Sachs and Morgan Stanley as major investment banks, both of which were converted on Sunday into bank holding companies, a move that effectively ended the existence of the investment bank as a distinct economic form.

In the months leading up to his proposed $700 billion bailout of the financial industry, Paulson had already used his office to dole out hundreds of billions of dollars. After his July 2008 proposal for $70 billion to resolve the insolvency of Fannie Mae and Freddie Mac failed, Paulson organized the government takeover of the two mortgage-lending giants for an immediate $200 billion price tag, while making the government potentially liable for hundreds of billions more in bad debt. He then organized a federal purchase of an 80 percent stake in the giant insurer American International Group (AIG) at a cost of $85 billion.

SNIP

Paulson bears a considerable amount of personal responsibility for the crisis.

Paulson, according to a celebratory 2006 BusinessWeek article entitled Mr. Risk Goes to Washington, was one of the key architects of a more daring Wall Street, where securities firms are taking greater and greater chances in their pursuit of profits. Under Paulsons watch, that meant taking on more debt: $100 billion in long-term debt in 2005, compared with about $20 billion in 1999. It means placing big bets on all sorts of exotic derivatives and other securities.

According to the International Herald Tribune, Paulson was one of the first Wall Street leaders to recognize how drastically investment banks could enhance their profitability by betting with their own capital instead of acting as mere intermediaries. Paulson stubbornly assert Goldmans right to invest in, advise on and finance deals, regardless of potential conflicts.

CONTINUED...

http://www.democraticunderground.com/discuss/duboard.ph...



Wow. That was a warning from before Congress signed off on Bushs 2008 bailout.

Gee. What a nice friend to have a miracle worker. Instead of water into wine, though, he turned millionaires into billionaires.
Printer Friendly | Permalink |  | Top
Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:00 PM
Response to Original message
1. Pursuit of profit - isn't that pretty much their primary objective?
Printer Friendly | Permalink |  | Top
 
Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 06:29 PM
Response to Reply #1
6. They got it down to a science...
...thanks to Phil Gramm, the Meyer Lansky of the War Party.



Talk about "interlocking directorates." Heh heh heh.
Printer Friendly | Permalink |  | Top
 
Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:19 PM
Response to Reply #6
11. THREAD ALERT -- Wrong URL in OP
It should go to:

Whos is Henry Paulson? at wsws.org.

Just noticed, post-edit period. I am very sorry for the inconvenience.
Printer Friendly | Permalink |  | Top
 
slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:28 PM
Response to Reply #11
12. Thanks! Just came back to look at the link and then noticed the dates - knr nt
Printer Friendly | Permalink |  | Top
 
Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 08:53 PM
Response to Reply #11
14. We get caught money laundering we're not going to white collar resort prison!
No, we're going to federal pound-me-in-the-ass prison!
Printer Friendly | Permalink |  | Top
 
Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:40 PM
Response to Reply #6
13. Sometimes you gotta wonder who the real criminals in this country are.
Printer Friendly | Permalink |  | Top
 
glitch Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 06:40 PM
Response to Reply #1
7. More money is all that they can ever aspire to.
They'll never be loved, never be brave, never have talent or humor, never be an artist or a scientist. Love of money is all they've got, all they will ever have.

Once you understand that you understand the blankness in George W's eyes and the sourness of his "charm". And he's just their best and brightest, they're all like him.
Printer Friendly | Permalink |  | Top
 
Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 06:51 PM
Response to Reply #7
9. I think love of money is absolutely dangerous to society.
Printer Friendly | Permalink |  | Top
 
David Zephyr Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:05 PM
Response to Original message
2. K&R. We all need good news. This is simply wonderful!
.
Printer Friendly | Permalink |  | Top
 
Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 06:57 PM
Response to Reply #2
10. How's Bernie Madoff know this guy?
Bernie never really said he worked alone. So...





Where are Madoffs co-conspirators?

Fraud experts say they think it's impossible that Madoff acted alone.


Grant McCool and Martha Graybow
24 December 2008 07:17

NEW YORK - (Reuters) - Could the Bernard Madoff scandal -- alleged to be the biggest-ever Wall Street scam -- really have been the act of just one person? Fraud experts say they think it's impossible.

White-collar crime experts who are following the Bernard Madoff case say they doubt that the money manager, who authorities say has confessed to the fraud as "all his fault," could have carried out such a massive scheme alone.

They say that based on their experience investigating complex financial cases, the suspected $50 billion fraud was too lengthy and involved too many phony documents to have been carried out by only one individual.

No charges have been brought against anyone except Madoff, who was charged with securities fraud on December 11. He has not formally responded to the accusations in court.

SNIP...

"His claim that he was the only one involved is preposterous," said James Ratley, president of the Association of Certified Fraud Examiners in Austin, Texas.

CONTINUED...

http://www.moneyweb.co.za/mw/view/mw/en/page95?oid=2483...



Something else: Madoff drew all the attention when Corporate McPravda, We the People's Watchdog, should've been on alert during the great Wall Street bailout.
Printer Friendly | Permalink |  | Top
 
David Zephyr Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:00 PM
Response to Reply #10
17. Octafish, I forgot to add the "sarcasm" thing.
Seriously, thanks for the article and link.
Printer Friendly | Permalink |  | Top
 
bertman Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:12 PM
Response to Original message
3. This just pisses me off. But thanks for posting it anyway. Rec.
Printer Friendly | Permalink |  | Top
 
truedelphi Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:23 PM
Response to Original message
4. Paulson, and Bernanke and Geithner, these guys make my blood
Run cold.

I'd rather spend the day stuck in an airliner with the underpants bomber than be in a room with them.

Printer Friendly | Permalink |  | Top
 
hootinholler Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:48 PM
Response to Original message
5. Hey it's not the dude from Laugh In!
Edited on Sun Jan-17-10 06:10 PM by hootinholler
Thanks Der Fishie! Always relevant you are.

Oh wait that was Henry Gibson and Pat Paulson. NVM.

-Hoot
Printer Friendly | Permalink |  | Top
 
glitch Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 06:43 PM
Response to Original message
8. You are the best. Thanks for that most excellent link, and timely reminder. nt
Printer Friendly | Permalink |  | Top
 
TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 08:55 PM
Response to Original message
15. Recommend
Printer Friendly | Permalink |  | Top
 
bvar22 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 09:51 PM
Response to Original message
16. One of my favorite photos....Paulson with co-conspirators:

NOW we have Your Childrens Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is Bi-Partisanship !
Better get used to it!!
Hahahahahahahahaha!

Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 16th 2014, 08:58 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC