From the U. S. Treasury – (Our emphasis in bold red.)

President George W. Bush nominated Henry M. Paulson, Jr. to be the 74th Secretary of the Treasury on June 19, 2006. The United States Senate unanimously confirmed Paulson to the position on June 28, 2006 and he was sworn into office on July 10, 2006 by Supreme Court Chief Justice John Roberts. As Treasury Secretary, Paulson is the President’s leading policy advisor on a broad range of domestic and international economic issues.

Before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs since the firm’s initial public offering in 1999. He joined Goldman Sachs Chicago Office in 1974 and rose through the ranks holding several positions including, Managing Partner of the firm’s Chicago office, Co-head of the firm’s investment Banking Division, President and Chief Operating Officer, and Co-Senior partner.

Prior to joining Goldman Sachs, Paulson was a member of the White House Domestic Council, serving as Staff Assistant to the President from 1972 to 1973, and as Staff Assistant to the Assistant Secretary of Defense at the Pentagon from 1970 to 1972.

Paulson graduated from Dartmouth in 1968, where he majored in English, was a member of Phi Beta Kappa, and an All Ivy, All East football player. He received an M.B.A. from Harvard in 1970. He and his wife, Wendy, have two children, Amanda and Merritt.

Now – this is an interesting “take” on the bail-out issue from a columnist at and why Goldman Sachs NEEDS this money (your money). It’s a tough read for those of us who did NOT make $68.5 million last year, as did Lloyd Blankfein, the CEO of Goldman Sachs…or even the $10 million or more “many otherwise ordinary human beings took home” – but well worth your time to see how these guys think. Here’s an excerpt about our boy Henry –

…One of the things they say is that, in leaving Goldman for government service, Paulson made the greatest trade of his life. Not only was he required to sell his half-billion dollars in Goldman stock near the high, but also, as Treasury Secretary, he was exempt from capital-gains taxes. By getting out of Goldman while the getting was good, the guy may have doubled his net worth.

  1. trickyguy

    Actually yes I did know this.

    Not that I am a Bush supporter (am not, in fact), but just who did you expect to be hired as the Treasury Sec’y, a former kindergarten teacher, a plumber, a NASCAR driver?

    Seriously, I’d damn sure hope that whoever holds this position knows a lot about finance and the markets.

    You can’t just blame Paulson, eight years of a republican administration deregulated and played hands off with the financial system.

    And now, two years of a democratic majority in Congreee hasn’t done a damn thing to change that.

    Seems like there’s plenty of blame to go around.

    I think that both parties are totally guilty of LOVING the status quo (easy money/credit and no oversight) as long as they got to live the good Washington country club life.

  2. No, trickyguy, we agree that someone with extensive knowledge of finance and the markets is exactly the person we want running the show – we just are tired of EVERYBODY having their hand in the cookie jar that WE are being asked to bail out.

    We absolutely agree that the problem of corruption runs deep on both sides of the aisle – and there is MORE than enough blame to go around.

    We want the American people to start asking questions and stop believing that these people have our best interests at heart. They have THEIR OWN interests above any others – ALL of them. And it’s time your fellow Americans realized it.

  3. trickyguy

    Oh, you are tooooo right.

    Ask questions; question authority.

  4. God I wish we could get you guys and all this commentary on all the major TV stations. You couldn’t be more right here and I feel it with everything in me. It pisses me off (can I say that on here?!) and I have for years wondered why doesn’t it seem tha American people band together like they should. We are supposed to be in some control of our politicians and we really have none. We all need to stand up and say enough is enough. We need to burn the “Washington Country Club”, as tricky guy called it, down and demand better of the ones who represent America to the rest of the world. It is out of control and has been for a long time. Some one made the comment to me that it will take a revolution to change our government. I think we need to get all American paying attention, talking, standing up for our selves. I have been creating sites to this effect and I’ll tell you. I love what you are doing and I will be an active supporter!

  5. trickyguy

    We can start by making candidates tell us what they would do differently — not what the other guy/gal did that was bad.

    We’ve got plenty of time to assign blame in years to come, and there’s plenty to go around.

    What we need to do now is put this country back on the right track. Our financial system is in ruins; reputation worldwide is perhaps worse than it’s ever been; we may be bigger and stronger, but we’re not leaders anymore.

    Demand more from Washington, and from your state government.

  6. jeremy

    The michael lewis commentary you link to is SATIRE.

    Even if this really is how “these guys” think, they certainly wouldn’t lay it out like this.

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