Hank Paulson Defends Lehman Rout, Giv...

Hank Paulson Defends Lehman Rout, Gives Bush Primer on Hedges: Book Review

There are 18 comments on the www.bloomberg.com story from Feb 1, 2010, titled Hank Paulson Defends Lehman Rout, Gives Bush Primer on Hedges: Book Review. In it, www.bloomberg.com reports that:

Henry M. Paulson Jr. recalls dining with some of Wall Streeta s most powerful bankers on June 26, 2007, not long before the credit bubble imploded.

Join the discussion below, or Read more at www.bloomberg.com.

progressive

Lamoni, IA

#1 Feb 1, 2010
very interesting review. It is probably worth listening to Paulson when he and Greenspan are on next Sunday - meet the Press, I think. Also when they testify before Congressional committees. Just as it has been to listen to Geithner and Bernacke. as I listen carefully, and learn, I am less inclined to have sympathy for those who are after scapegoats, and more interested i getting folks to tell the full details of the problem, so as to show what they could and could not do to try to solve it, and how we got there. and most important - to figure out what sort of regulations are needed to order that wild speculation to stop - and it can go on even now, without regulatory reform - and it may be going on in ways we don't even know much about now, since the laws to stop it, and the regulations to prevent it and have adequate oversight - are not in place. This has to happen this year. The right-wing GOP populists attack the big banks when it is handy and goes along with attacking democrats. But they do not want to regulate the big financial isntitutions, or prevent them from being reckelss again. If you saw how Republicans did not clap for any regulatory reform, at the State of the Union speech, and how they oppose it in committees now. The big thing is to make Blue dog Democrats in the House (enough of them) vote for regulatory reform, and get it through the Senate somehow, now that the charming sexy appealing (but Republican) Mr. Brown has been elected, over the cold fish Coakley (apologies to fish).
progressive

Lamoni, IA

#2 Feb 1, 2010
I strongly advocate reading the McCaltchy press reports on the derivatives speculation and the false ratings by the rating agencies (Moody's one of them), and the benefits given to Goldman Sachs. It is possible to attack Goldman Sachs without accusing Paulson or Geithner or even any specific GS employee of misconduct, jsut because the big firm got so much benefit. We need to know who did what, and who benefits. I also recommend watching two programs on pbs on-line, Frontline a Warning, and the Card Game. These are good sources of info on some of what went wrong, just parts of it. I also paid close attention to Geithner's testimony before the House oversight committee recently. I think he has been falsely suspected and acused - and we need to pay more attention to what he says about what could and could not be done at the time, and why, and thus what needs to be done to prevent such problems in the future. Everyone seemed to be too backward-looking, wanting to lay blame - and that includes the far right and the far left - even some whom I usually like. What matters is to find the problems in the existing laws, and rewrite the laws, to provide mroe regulation for prevention of such wild and reckless (and often dishonest) speculation.
progressive

Lamoni, IA

#3 Feb 1, 2010
Google: McClatchy Goldman Sachs, and McClatchy Mooody's. add January 2010, if needed. Congressional tstimony is on cspan online, and often repeated on TV cspan. the hearings with Mary Shapiro and Sheila Bair were also ohelpful - hearings by the Financial Crisis investigating committee. google : fcic
Barbara

Hampton Falls, NH

#4 Feb 1, 2010
progressive wrote:
very interesting review. It is probably worth listening to Paulson when he and Greenspan are on next Sunday - meet the Press, I think. Also when they testify before Congressional committees. Just as it has been to listen to Geithner and Bernacke. as I listen carefully, and learn, I am less inclined to have sympathy for those who are after scapegoats, and more interested i getting folks to tell the full details of the problem, so as to show what they could and could not do to try to solve it, and how we got there. and most important - to figure out what sort of regulations are needed to order that wild speculation to stop - and it can go on even now, without regulatory reform - and it may be going on in ways we don't even know much about now, since the laws to stop it, and the regulations to prevent it and have adequate oversight - are not in place. This has to happen this year. The right-wing GOP populists attack the big banks when it is handy and goes along with attacking democrats. But they do not want to regulate the big financial isntitutions, or prevent them from being reckelss again. If you saw how Republicans did not clap for any regulatory reform, at the State of the Union speech, and how they oppose it in committees now. The big thing is to make Blue dog Democrats in the House (enough of them) vote for regulatory reform, and get it through the Senate somehow, now that the charming sexy appealing (but Republican) Mr. Brown has been elected, over the cold fish Coakley (apologies to fish).
Did you seee the Sat Night Live skit about Brown/Democrats? So funny!
frank miller

United States

#5 Feb 1, 2010
I can't believe the gall of "Meet the Press" having as guests Hedgefunds/AIG Insured 2.5 million sub-primes doomed-to- fail in 5 years, no money-down, huge deferred balloon payment due in 5 years, and variable initial low teaser rate, growing to around 9% in five years , with credit scores less than 600 to 500 {as opposed to solid 30 years fixed rates credit scores > 750, with
20 percent initial down pmt. LOVER ex. Fed. Chairman Alan Greenspan; [and Mr. Greenburg CEO
of AIG until 2006/2007] with Treasury Secretary Hank Paulson, when both should in prison by now!!
That is the problem with most Americans who RENT,
and don't know the first thing about mortgages, and all the potential pitfalls!! What is even worst, is that people who have MBA's, and buy
properties still won't disclose the horrendous swindle hard-working Americans whose retirement
savings, are the only betting chips on the NYSE/OTC Wall Street Casino lost 40 to 50 percent of their value, when these ~9600 unregulated
Hedgefunds/Derivatives used these knowingly doomed-to- fail in 5 years REIT's [real estate investment trades] in exchange for buying back short betting
bets with real cash value Blue chips trades! Betting on top of that, as viewed on C-Span
2 weeks ago when Investigating Panel Chairman
Phil Angelides opening remarks to 5 Bankers:
sic." It was like a used car salesman selling an automobile with bad brakes, and then getting a life Insurance policy on the buyer/driver!"
Note: Even Michael Moore's movie/documentary
on Wall Street shown last Fall 2009, was clueless
about the whole disastrous melt-down affair, and it's domestic, and International nuances! What a waste of $12, and pop corn, on a PUFF piece!!
F.M.
Drunk Drivers Kill Kids

Fort Collins, CO

#6 Feb 1, 2010
paulson collected $30 million in bribes for giving the bankers trillions of $. He is a traitor and should be hung.
ibutttt itching

Nha Trang, Vietnam

#7 Feb 1, 2010
progressive wrote:
very interesting review. It is probably worth listening to Paulson when he and Greenspan are on next Sunday - meet the Press, I think. Also when they testify before Congressional committees. Just as it has been to listen to Geithner and Bernacke. as I listen carefully, and learn, I am less inclined to have sympathy for those who are after scapegoats, and more interested i getting folks to tell the full details of the problem, so as to show what they could and could not do to try to solve it, and how we got there. and most important - to figure out what sort of regulations are needed to order that wild speculation to stop - and it can go on even now, without regulatory reform - and it may be going on in ways we don't even know much about now, since the laws to stop it, and the regulations to prevent it and have adequate oversight - are not in place. This has to happen this year. The right-wing GOP populists attack the big banks when it is handy and goes along with attacking democrats. But they do not want to regulate the big financial isntitutions, or prevent them from being reckelss again. If you saw how Republicans did not clap for any regulatory reform, at the State of the Union speech, and how they oppose it in committees now. The big thing is to make Blue dog Democrats in the House (enough of them) vote for regulatory reform, and get it through the Senate somehow, now that the charming sexy appealing (but Republican) Mr. Brown has been elected, over the cold fish Coakley (apologies to fish).
tisssong4U:)
frank miller

United States

#8 Feb 1, 2010
Clarification of my #5 post: The big begging question is what were the financial incentives for CHURNING these 2.5 million eventual foreclosures
counterfeit REIT's? Well each time the originator
of these doomed to fail in 5 years mortgage papesr, bundled as soon as the unwary buyer's ink was dry, were sold for a fee to Investment Banks, who after insuring them at face loan value with AIG
{not the final 30 years triple the original loan amount; and that is where you Renting posters/readers may not realize..} with high insurance premiums to AIG, churned them again it appears for another fee to Hedgefunds/Derivatives down betting the real estate Market would tank !! Exchanging these 'counterfeit' betting chips for real cash Blue chips!!
Like ex.Fed Chairman under President Clinton/Cabinet, Paul Volcker said in the Fall of 2008, Business Schools taught complex 'financial instruments' instead of 'real wealth' 3 shifts/day
7 million outsourced Manufacturing jobs/careers
fruits of Engineers/Technologists 'inovative
inventions' profits/savings translated into the Fortune 500 Industrials, Nasdaq, and Forbes 1000 subcontracting stakeholders NYSE/OTC up-betting growth!
Houses, condos, townhouses, office buildings, mini
malls constructions were way overbuilt during the last 15 years, let's say to compensate for all these ~ 7 million lost good secure 2 to 3 shifts /day skilled jobs/careers by uncontrolled Globalization! All replaced with semi-skilled
service desk paper-shuffling jobs, minimum wage
1 shift a day construction jobs, with the added
insult of using foreign made building materials, dry wall panels, imported home /office furniture/
imported paints pigments, and imported upolsthery
fabrics, fibres, and even construction tools!!
So all these overbuilt 2.5 million dwellings/offices had to get off the books, and
sold! Wall Street needed growth, and accepted these
Hedgefund/Derivatives 'financial instruments" as short term gains! Overseas hard workers savings were also invested in those high ~12% returns Hedgefunds/Derivatives, with the disastrous final Fall of 2008 reckoning!! And the resulting ~$750 billions to cover all the lost equity in those 2.5 million foreclosures plus the loss of 3 times their value after 30 years!!
F.M.
Lance Winslow

Campbell, CA

#9 Feb 1, 2010
frank miller wrote:
Clarification of my #5 post: The big begging question is what were the financial incentives for CHURNING these 2.5 million eventual foreclosures
counterfeit REIT's? Well each time the originator
of these doomed to fail in 5 years mortgage papesr, bundled as soon as the unwary buyer's ink was dry, were sold for a fee to Investment Banks, who after insuring them at face loan value with AIG
{not the final 30 years triple the original loan amount; and that is where you Renting posters/readers may not realize..} with high insurance premiums to AIG, churned them again it appears for another fee to Hedgefunds/Derivatives down betting the real estate Market would tank !! Exchanging these 'counterfeit' betting chips for real cash Blue chips!!
Like ex.Fed Chairman under President Clinton/Cabinet, Paul Volcker said in the Fall of 2008, Business Schools taught complex 'financial instruments' instead of 'real wealth' 3 shifts/day
7 million outsourced Manufacturing jobs/careers
fruits of Engineers/Technologists 'inovative
inventions' profits/savings translated into the Fortune 500 Industrials, Nasdaq, and Forbes 1000 subcontracting stakeholders NYSE/OTC up-betting growth!
Houses, condos, townhouses, office buildings, mini
malls constructions were way overbuilt during the last 15 years, let's say to compensate for all these ~ 7 million lost good secure 2 to 3 shifts /day skilled jobs/careers by uncontrolled Globalization! All replaced with semi-skilled
service desk paper-shuffling jobs, minimum wage
1 shift a day construction jobs, with the added
insult of using foreign made building materials, dry wall panels, imported home /office furniture/
imported paints pigments, and imported upolsthery
fabrics, fibres, and even construction tools!!
So all these overbuilt 2.5 million dwellings/offices had to get off the books, and
sold! Wall Street needed growth, and accepted these
Hedgefund/Derivatives 'financial instruments" as short term gains! Overseas hard workers savings were also invested in those high ~12% returns Hedgefunds/Derivatives, with the disastrous final Fall of 2008 reckoning!! And the resulting ~$750 billions to cover all the lost equity in those 2.5 million foreclosures plus the loss of 3 times their value after 30 years!!
F.M.
Got something against sentences? There are MS13's with better English than yours.
frank miller

United States

#10 Feb 1, 2010
Hey dog breath 'Lance Winslow Castro Valley, CA #9:
Who asked you for your unsolicited opinion, hey?
If you don't have the business vocabulary to understand plain english truth-on-the-Internet,
then the Republican 'no-child left behind' GED
program is still up for grabs!
F.M.
frank miller

United States

#11 Feb 1, 2010
Oh by the way jerk #9, how many 1 shift a day constructions can you do in the harsh 3 months
snowed in Winter East, Mid West regions? How many constructions can you do when it rains, pours outside? Now how many working days, evenings, nights, 3 shifts/day, 5 days/week/ 52 weeks a year
skilled machinists/careers in the SAME region, under the same inclement weather, drive/ride to work every day inside a huge manufacturing, or chemical processing plant, and auto parts factory,
TV/cell phones/ cameras/sneakers/entertainment electronics/refrigerators/wash ing machines/driers/
toys factories?! Now do I come across clear to you?!
F.M.

Since: Jul 11

Location hidden

#12 Nov 23, 2013
ahhh Secretary Paulson VP of Golmann 'Muppet' Sachs Chicago division!

Since: Jul 11

Location hidden

#13 Nov 23, 2013
Drunk Drivers Kill Kids wrote:
paulson collected $30 million in bribes for giving the bankers trillions of $. He is a traitor and should be hung.
1.7 trillion..only in America JP Morgan settles biggest fine in while Pauson was Secretary

Since: Jul 11

Location hidden

#14 Dec 22, 2013
"A crisis like this happens every hundred years" Paulson '07

lol!!

Since: Jul 11

Location hidden

#16 Jan 16, 2014
"A crisis like ACA 2009 happens once every hundred years" Swedenforever

lmao!!

well at least theyre trying to find New England Governors to lead their party

"the donuts are missing!" CC
TruthURGENT

Pointe-claire, Canada

#18 Jan 20, 2014
HOPE SOMEONE STRONG WILL DO SOMETHING AND GET THEM FOR WHAT THEY DID TO US. I WANT THEM IN JAIL AND SUFFERING THE MARTYR AS THEY DID US. 
NOW YOU ALL HAVE WORK TO DO, PUT IT EVERYWHERE.

Since: Jul 11

Location hidden

#19 Feb 26, 2014
Paulson and Bernie Madoff-the biggest crooks Ive ever seen

Since: Jul 11

Location hidden

#20 Feb 26, 2014
and Michael Milliken the junk bond king

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