Suddenly, everyone’s discovered that Paulson’s original thrust—to use TARP to buy “toxic” assets off bank balance sheets—was right, and that the subsequent tack—to use TARP money to bolster bank capital accounts—was wrong. Everyone has also seen the light with regard to Lehman: that letting the big investment bank fail was an error of terminal proportions. Read More
“De mortuis nihil nisi bonum …” “Of the dead speak aught but good.”
The ancient admonition seems the only way to hedge the reflection that as bad as Citi’s problems are, how much worse might they have been had Walter Wriston still been running the bank. It was the late Citibank CEO Read More
GOLDEN, Colo.—After spending most of yesterday on the stump and the airwaves attacking Republican stewardship of the economy and promising more financial heartache under John McCain, Barack Obama today sought to articulate in stark and substantive terms why his proposals would have averted the financial crisis and will return stability to Wall Street.
Speaking in Read More
The Reebok Sports Club on Columbus Avenue and 67th Street is quietly fielding the most competitive non-summer basketball league in the city, and there’s one team everyone wants to play: Team Zoolander.
That isn’t their real name. They are named, prosaically, Team No. 2. But at some point, the other players in the league realized Read More
New Fortune managing editor Andy Serwer takes a co-byline on an interview with newish Treasury secretary Henry Paulson. The headline on all this newness? “Mr. Paulson Goes to Washington.” (It refers to a 1939 Frank Capra film titled Mr. Smith Goes to Washington, in which Jimmy Stewart plays a humble and idealistic senator.) Read More
Goldman Sachs is becoming the revolving door of choice for high-powered Republicans with a talent for politics and money.
Deputy Secretary of State Robert Zoellick, Condi’s number two at the State Department, is leaving the Bush Administration to join the Wall Street giant as a managing director and as vice chairman of its Read More
Henry Paulson: A Terrific Choice For Treasury
The same way that even a broken clock tells the correct time twice a day, George W. Bush occasionally makes a good decision. His appointment of Henry Paulson as Treasury Secretary is one such decision, and may do more to salvage the Bush Presidency than a roomful of Read More
Henry Paulson Jr., the chairman and chief executive of Goldman Sachs, likes snakes.
“I like to hold them and look at them,” the banker and amateur herpetologist once told an interviewer.
It was perhaps tempting, then, after President George W. Bush on May 30 declared Mr. Paulson his choice to be the next Secretary Read More
Matthew Schuerman finds that Goldman Sachs is close to getting an agreement to receive a penalty fee if they’re not satisfied with security measures at the new World Trade Center site: “According to two officials involved in the negotiations with the investment bank Goldman Sachs to build a new $2 billion headquarters adjacent to Read More