Henry Merritt "Hank" Paulson, Jr. (born March 28, 1946) is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.
Contents
[hide]
* 1 Early life and family
* 2 Early career
* 3 Goldman Sachs
* 4 U.S. Secretary of the Treasury
o 4.1 Notable statements
* 5 Credit Crisis of 2007–2009
o 5.1 Lehman's bankruptcy
o 5.2 U.S. government economic bailout of 2008
+ 5.2.1 Conflict of interest claims
* 6 Career after public service
* 7 Civic activities
* 8 In other media
* 9 Further reading
* 10 References
* 11 External links
[edit] Early life and family
Paulson was born in Palm Beach, Florida, to Marianna (née Gallauer) and Henry Merritt Paulson, a wholesale jeweler.[1] He was raised in Barrington Hills, Illinois, as a Christian Scientist.[2] Paulson attained the rank of Eagle Scout in the Boy Scouts of America.[3][4]
A star athlete at Barrington High School, Paulson was a champion wrestler and stand-out football player, graduating in 1964. Paulson received his A.B. in English from Dartmouth College in 1968;[5] at Dartmouth he was a member of Phi Beta Kappa and Sigma Alpha Epsilon and he was an All-Ivy, All-East, and honorable mention All American as an offensive lineman.[6]
He met his wife Wendy Judge, a Wellesley College graduate, during his senior year. The couple have two adult children, sports-team owner Henry Merritt Paulson III, more commonly known as Merritt Paulson, and journalist Amanda Paulson. The Paulsons became grandparents in June 2007. They maintain homes in both Barrington Hills and Chicago.
Paulson received his Master of Business Administration degree from Harvard Business School in 1970.[7]
[edit] Early career
Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972.[8] He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973.
[edit] Goldman Sachs
He joined Goldman Sachs in 1974, working in the firm's Chicago office under James P. Gorter. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998;[9] eventually succeeding Jon Corzine as chief executive. His compensation package, according to reports, was $37 million in 2005, and $16.4 million projected for 2006.[10] His net worth has been estimated at over $700 million.[10]
In January 2003, Paulson was criticized for stating, "I don't want to sound heartless, but in almost every one of our businesses, there are 15 to 20 percent of the people who really add 80 percent of the value. I think we can cut a fair amount and not get into muscle and still be very well-positioned for the upturn." He later issued an apology to all of the company's employees via voice-mail.[11]
Paulson has personally built close relations with China during his career. In July 2008, The Daily Telegraph reported "Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country more than 70 times."[12]
In 2004, at the request of the major Wall Street investment houses—including Goldman Sachs, then headed by Paulson—the U.S. Securities and Exchange Commission agreed unanimously to release the major investment houses from the net capital rule, the requirement that their brokerages hold reserve capital that limited their leverage and risk exposure. The complaint put forth by the investment banks was of increasingly onerous regulatory requirements—in this case, not U.S. regulator oversight, but European Union regulation of the foreign operations of U.S. investment groups. In the immediate lead-up to the decision, EU regulators also acceded to U.S. pressure, and agreed not to scrutinize foreign firms' reserve holdings if the SEC agreed to do so instead. The 1999 Gramm-Leach-Bliley Act, however, put the parent holding company of each of the big American brokerages beyond SEC oversight. In order for the agreement to go ahead, the investment banks lobbied for a decision that would allow "voluntary" inspection of their parent and subsidiary holdings by the SEC.
During this repeal of the net capital rule, SEC Chairman William H. Donaldson agreed to the establishment of a risk management office that would monitor signs of future problems. This office was eventually dismantled by Chairman Christopher Cox, after discussions with Paulson. According to The New York Times, "While other financial regulatory agencies criticized a blueprint by Treasury Secretary Mr. Paulson proposing to reduce their stature — and that of the S.E.C. — Mr. Cox did not challenge the plan, leaving it to three former Democratic and Republican commission chairmen to complain that the blueprint would neuter the agency."[13]
In late September 2008, Chairman Cox and the other Commissioners agreed to end the 2004 program of voluntary regulation.
[edit] U.S. Secretary of the Treasury
Paulson (right) with President George W. Bush as his nomination to become Treasury Secretary is announced
Paulson was nominated on May 30, 2006, by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary.[14] On June 28, 2006, he was confirmed by the United States Senate to serve in the position.[15] Paulson was officially sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006.
Paulson identified the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury.[16]
Paulson conceded that chances were slim for agreeing on a method to reform Social Security financing, but said he would keep trying to find bipartisan support for it.[17]
He also helped to create the Hope Now Alliance to help struggling homeowners during the subprime mortgage crisis.[18]
Paulson was known to have persuaded President George W. Bush to allow him to spearhead U.S.-China relations and initiated and led the U.S.-China Strategic Economic Dialogue, a forum and mechanism under which the two countries addressed global areas of immediate and long-term strategic and economic interest. In spring 2007, Paulson warned an audience at the Shanghai Futures Exchange that China needed to free up capital markets to avoid losing potential economic growth, saying: "An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention." In September 2008, in light of the economic crisis experienced by the U.S. in the interim, Chinese leaders evidenced hesitation to follow Paulson's advice.[19]
[edit] Notable statements
In April 2007 delivered an upbeat assessment of the economy, saying growth was healthy and the housing market was nearing a turnaround. "All the signs I look at" show "the housing market is at or near the bottom," Paulson said in a speech to a business group in New York. The U.S. economy is "very healthy" and "robust," Paulson said.[20]
In August 2007, Secretary Paulson explained that U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades.[21]
In May 2008, The Wall Street Journal wrote that Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession. "I do believe that the worst is likely to be behind us," Paulson told the newspaper in an interview.[22]
On July 20, 2008, after the failure of Indymac Bank, Paulson reassured the public by saying, “it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”[23]
On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae or Freddie Mac.[24] On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.[25]
[edit] Credit Crisis of 2007–2009
Main article: Late-2000s financial crisis
Unbalanced scales.svg
The neutrality of this article is disputed. Please see the discussion on the talk page. Please do not remove this message until the dispute is resolved. (May 2011)
[edit] Lehman's bankruptcy
The support given by Federal Reserve Board, under Ben Bernanke, and the US Treasury with Paulson at the helm, in the acquisition of Bear Stearns by J.P. Morgan and the $200bn facility made available to Fannie Mae and Freddie Mac attracted a great deal of criticism in congress by both Republicans and Democrats.[26] When Barclays required support for acquiring Lehman Brothers, both Geithner and Paulson were reluctant. Instead, they pressured Lehman into chapter 11 bankruptcy, believing the effect wasn't systemic.[27]
"Well, as you know, we're working through a difficult period in our financial markets right now as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system." [28]
This proved to be a colossal miscalculation, as the money markets began to free-fall between September 15, 2008, and September 19, 2008.
[edit] U.S. government economic bailout of 2008
Paulson was the designated leader of the Bush Administration's efforts in 2008 to nationalize the cost of bad loans made by financial institutions.
Through unprecedented intervention by the U.S. Treasury, Paulson led government efforts which he said were aimed at avoiding a severe economic slowdown. He pushed through the conservatorship of government agency mortgage giants Fannie Mae and Freddie Mac. Working with Federal Reserve Chairman Ben Bernanke, he influenced the decision to create a credit facility (bridge loan & warrants) of US$85 billion to American International Group so it would avoid filing bankruptcy.
In late September 2008, Paulson, along with Bernanke, led the effort to help financial firms by agreeing to use $700 billion dollars to purchase bad debt they had incurred.[29] He faced criticism from economists for initially refusing to consider injecting large amounts of cash into financial institutions directly by purchasing stock, an option which other countries in similar circumstances had pursued.[30] This was the option favored by Bernanke, and the one that was eventually followed.[31]
On September 19, 2008, Paulson called for the U.S. government to use hundreds of billions of Treasury dollars to help financial firms clean up nonperforming mortgages threatening the liquidity of those firms.[32] Because of his leadership and public appearances on this issue, the press labeled these measures the "Paulson financial rescue plan" or simply the Paulson Plan.[33]
With the passage of H.R. 1424, Paulson became the manager of the United States Emergency Economic Stabilization fund.
As Treasury Secretary, he also sat on the newly established Financial Stability Oversight Board that oversees the Troubled Assets Relief Program.
Documents obtained by government watchdog group Judicial Watch reveal that in an October 13, 2008, meeting with executives from 9 major American banks, Paulson told bankers that they would be forced to accept government bailout money, whether they wanted it or not.[34] One of the documents, a talking points memo, gave bankers the ultimatum: "If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance." The logic was that if everybody were forced to accept the money, then doing so would destigmatize the process in an attempt to avoid threatening the already-eroded market confidence in some of the weaker banks.
Time named Paulson as a runner-up for its 2008 Person of the Year, saying, with reference to the global financial crisis, "if there is a face to this financial debacle, it is now his..." before concluding he "is really bad at explaining why he made the choices he did" and that "given the ... realities he faced, there is no obviously better path [he] could have followed".[35]
[edit] Conflict of interest claims
It has been pointed out that Paulson's plan could potentially have some conflicts of interest, since Paulson was a former CEO of Goldman Sachs, a firm that may benefit largely from the plan. Economic columnists called for more scrutiny of his actions.[36] Questions remain about Paulson's interest, despite the fact that he had no direct financial interest in Goldman, since he had sold his entire stake in the firm prior to becoming Treasury Secretary, pursuant to ethics law.[37] The Goldman Sachs benefit from AIG bailout was recently estimated as USD 12.9 billion and GS was the largest recipient of the public funds from AIG.[38] Creating the collateralized debt obligations (CDO's) forming the basis of the current crisis was an active part of Goldman Sach's business during Paulson's tenure as CEO. Opponents[who?] argued that Paulson remained a Wall Street insider who maintained close friendships with higher-ups of the bailout beneficiaries.[citation needed] If passed into law as originally written, the proposed bill would have given the United States Treasury Secretary unprecedented powers over the economic and financial life of the U.S. Section 8 of Paulson’s original plan stated: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."[39] Some time after the passage of a rewritten bill, the press reported that the Treasury was now proposing to use these funds ($700 billion) in ways other than what was originally intended in the bill.[40]
[edit] Career after public service
After leaving his role as Treasury Secretary, Paulson spent a year at the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University as a distinguished visiting fellow, and a fellow at the university's Bernard Schwartz Forum on Constructive Capitalism.[41] His memoir, On the Brink: Inside the Race to Stop the Collapse of the Global Financial System, was published by Hachette Book Group on February 1, 2010.[42]
[edit] Civic activities
Paulson has been described as an avid nature lover.[43] He has been a member of The Nature Conservancy for decades and was the organization's board chairman and co-chair of its Asia-Pacific Council.[8] In that capacity, Paulson worked with former President of the People's Republic of China Jiang Zemin to preserve the Tiger Leaping Gorge in Yunnan province.
Paulson is also on the Board of Directors of the Peregrine Fund; was the founding Chairman of the Advisory Board of the School of Economics and Management of Tsinghua University in Beijing; and, previously served as chairman of the influential trade group, the Financial Services Forum.
Notable among the members of Bush's cabinet, Paulson has said he is a strong believer in the effect of human activity on global warming and advocates immediate action to decrease this effect.[44]
During his tenure as CEO of Goldman Sachs, Paulson oversaw the corporate donation of 680,000 acres (2,800 km2) on the forested Chilean side of Tierra del Fuego, bringing criticism from Goldman shareholder groups.[45] He further donated to conservancy causes US$100 million of assets from his wealth, and has pledged his entire fortune for the same purpose upon his death.[46]
[edit] In other media
Paulson was portrayed by William Hurt in the 2011 HBO film Too Big to Fail.
[edit] Further reading
* Fortune Magazine: Hank Paulson's secret life
* Vanity Fair: Todd S. Purdum on Henry Paulson
* Stewart, James B., "Eight Days: the battle to save the American financial system", The New Yorker magazine, September 21, 2009.
* Paulson, Hank, On the Brink. London, Headline, 2010. ISBN 9780755360543
[edit] References
1. ^ Battle, Robert (August 23, 2006). "untitled". Ancestries of Miscellaneous "Celebrities". Ancestry.com. http://freepages.genealogy.rootsweb.com/~battle/celeb/paulson.htm. Retrieved October 11, 2008.
2. ^ Sellers, Patricia, "Hank Paulson's secret life", Wall Street Week with Fortune, Public Broadcasting Service, December 29, 2003.
3. ^ Townley, Alvin (2007). Legacy of Honor: The Values and Influence of America's Eagle Scouts. New York: St. Martin's Press. pp. 178–188, 196. ISBN 0-312-36653-1. http://www.thomasdunnebooks.com/TD_TitleDetail.aspx?ISBN=0312366531. Retrieved December 29, 2006.
4. ^ Ray, Mark (2007). "What It Means to Be an Eagle Scout". Scouting Magazine. Boy Scouts of America. http://www.scoutingmagazine.org/issues/0701/a-what.html. Retrieved January 5, 2007.
5. ^ Belser, Alex (May 31, 2006). "Paulson '68 to lead Treasury". The Dartmouth (Hanover, NH). http://thedartmouth.com/2006/05/31/news/paulson.
6. ^ Jackling, Brook (April 20, 2007), "Hank Paulson named graduation speaker", The Dartmouth (Hanover, NH), http://thedartmouth.com/2007/04/20/news/speaker, retrieved May 14, 2011
7. ^ "Henry Paulson". 02138 - The World of Harvard. http://www.02138mag.com/people/385.htmlM. Retrieved October 11, 2008. "HBS ... MBA 1970" [dead link]
8. ^ a b "Henry M. Paulson, Jr.", The Nature Conservancy 2006
9. ^ "Management", Goldman Sachs, 2006
10. ^ a b "Henry M. Paulson, Jr.", Forbes, 2006
11. ^ Gaines-Ross, Leslie (May 1, 2003), "It's (not that) hard to say you're sorry", Chief Executive, Retrieved January 28, 2011
12. ^ "US faces global funding crisis, warns Merrill Lynch". The Daily Telegraph (London). July 16, 2008. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/16/ccusdebt116.xml. Retrieved May 4, 2010.
13. ^ Labaton, Stephen (October 2, 2008), "Agency’s '04 Rule Let Banks Pile Up New Debt", The New York Times
14. ^ "President Bush Nominates Henry Paulson as Treasury Secretary", White House, 2006, Retrieved June 29, 2006.
15. ^ "Senate Approves Paulson as Treasury Secretary", The New York Times, Associated Press, 2006
16. ^ "New Treasury head eyes rising inequality", The Christian Science Monitor, August 3, 2006, Retrieved August 3, 2006.
17. ^ "Paulson: Social Security Reform Hopes Slim", Reuters, February 3, 2007.
18. ^ Hope Now Alliance (October 10, 2007). "HOPE NOW Alliance Created to Help Distressed Homeowners". Press release. http://www.fsround.org/media/pdfs/AllianceRelease.pdf. Retrieved September 24, 2008.
19. ^ Yidi, Zhao; Hamlin, Kevin (September 23, 2008). "China Shuns Paulson's Free Market Push as Meltdown Burns U.S.". Bloomberg L.P.. http://www.bloomberg.com/apps/news?pid=20601087&sid=aCl7bFUJzWRk. Retrieved May 2, 2011.
20. ^ http://www.marketwatch.com/story/paulson-says-us-housing-sector-at-or-near-bottom. Retrieved 04/05/2011
21. ^ Lawder, David (August 1, 2007). "Paulson sees subprime woes contained". Reuters. http://uk.reuters.com/article/idUKBJC00005820070801. Retrieved November 14, 2010.
22. ^ http://www.cnbc.com/id/24493133/Paulson_Says_Markets_Emerging_From_Crunch_WSJ. Retrieved May 7, 2011
23. ^ "List Of Troubled Banks Will Grow, Paulson Says". CBS News. July 20, 2008. http://cbs13.com/national/henry.paulson.economy.2.775329.html. Retrieved November 14, 2010.
24. ^ Brinsley, John (August 10, 2008). "Paulson Says No Plans to Add Cash to Fannie, Freddie". Bloomsberg Worldwide. http://www.bloomberg.com/apps/news?pid=20601087&sid=aULVZ2mAF9es&refer=home. Retrieved September 23, 2008.
25. ^ Lockhart, James B., III (September 7, 2008). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0. Retrieved September 23, 2008.
26. ^ James B. Stewart (September 21, 2009). "Eight Days – The battle to save the American financial system". The New Yorker. http://www.newyorker.com/reporting/2009/09/21/090921fa_fact_stewart. Retrieved November 14, 2010.
27. ^ ibid
28. ^ Daniel Gross (September 17, 2008). ""The Fundamentals of Our Economy Are Strong"". Slate. http://www.slate.com/id/2200291. Retrieved November 14, 2010.
29. ^ Joelle Tessler, Paulson oversees historic government intervention, Associated Press, September 19, 2008
30. ^ Krugman, Paul, "Gordon Does Good", The New York Times, October 12, 2008
31. ^ Muolo, Paul (2009). $700 Billion Bailout The Emergency Economic Stabilization Act and What It Means to You, Your Money, Your Mortgage and Your Taxes. New York: John Wiley and Sons. p. 23. ISBN 978-0-470-46256-0.
32. ^ Sahadi, Jeanne (September 19, 2008). "Rescue cost: Hundreds of billions". CNNMoney.com. http://money.cnn.com/2008/09/19/news/economy/paulson_plan_cost/index.htm.
33. ^ "Paulson plan". Google News search. http://news.google.com/news?hl=en&as_epq=&as_oq=&as_eq=&num=100&lr=&as_filetype=&ft=i&as_sitesearch=&as_qdr=all&as_rights=&as_occt=any&cr=&as_nlo=&as_nhi=&safe=off&q=paulson-plan&um=1&ie=UTF-8&sa=N&tab=wn. [not in citation given]
34. ^ Lepro, Sara (June 14, 2009). "Documents: Paulson forced 9 bank CEOs into bailout". Reading Eagle. Associated Press. http://readingeagle.com/article.aspx?id=138663. Retrieved June 14, 2009.
35. ^ Fox, Justin (December 17, 2008). "Runners Up: Henry Paulson". Person of the Year 2008 (Time.com). http://www.time.com/time/specials/2008/personoftheyear/article/0,31682,1861543_1865103_1865105,00.html. Retrieved September 15, 2009.
36. ^ Herbert, Bob (September 22, 2008). "A Second Opinion?". The New York Times. http://www.nytimes.com/2008/09/23/opinion/23herbert.html?hp. Retrieved October 10, 2008.
37. ^ White, Ben (September 19, 2008). "Details of a Rescue Plan Are Unclear, but Some Already Benefit". The New York Times. http://www.nytimes.com/2008/09/20/business/20winners.html?fta=y. Retrieved October 10, 2008.
38. ^ Michael Mandel (March 15, 2009). "German and French banks got $36 billion from AIG Bailout". Bloomberg Businessweek. http://www.businessweek.com/the_thread/economicsunbound/archives/2009/03/german_and_fren.html. Retrieved November 14, 2010.
39. ^ Beck, Rachel (September 23, 2008). "Transparency key to bailout success". Breitbart. Associated Press. http://www.breitbart.com/article.php?id=D93CKMNG0. Retrieved November 14, 2010.
40. ^ Dunbar, John (October 25, 2008). "Uses for $700 billion bailout money ever shifting". USA Today. Associated Press. http://www.usatoday.com/money/economy/2008-10-25-bailout-plan_N.htm. Retrieved November 14, 2010.
41. ^ SAIS Reports (2010). [1]. Retrieved May 18, 2011.
42. ^ Hachette Book Group
43. ^ Somerville, Glenn (May 30, 2006). "Paulson brings Wall Street luster to Treasury". Yahoo! News. http://news.yahoo.com/s/nm/20060530/bs_nm/economy_paulson_dc_3.
44. ^ Heilprin, John (June 2, 2006). "A global warming believer in Bush Cabinet". Associated Press. http://www.libertypost.org/cgi-bin/readart.cgi?ArtNum=144182.
45. ^ Treasury Nominee Hank Paulson Needs to Answer Some Questions, Human Events, June 13, 2006
46. ^ Paulson plans to donate his £410m fortune to environmental causes, The Independent, January 16, 2004
[edit] External links
Wikimedia Commons has media related to: Henry Paulson
* Biography at the United States Department of the Treasury
* Henry Paulson at WhoRunsGov at The Washington Post
* Appearances on C-SPAN
* Henry Paulson on Charlie Rose
* Henry Paulson at the Internet Movie Database
* Henry Paulson collected news and commentary at The New York Times
* Works by or about Henry Paulson in libraries (WorldCat catalog)
* Henry Paulson's federal campaign contributions at NewsMeat
* Paulson on China: October 2007, November 2007
Business positions
Preceded by
Jon Corzine Chairman and CEO, Goldman Sachs
June 1998 – July 3, 2006 Succeeded by
Lloyd Blankfein
Political offices
Preceded by
John W. Snow United States Secretary of the Treasury
Served under: George W. Bush
July 10, 2006–January 20, 2009 Succeeded by
Timothy Geithner
[show]v · d · eUnited States Secretaries of the Treasury
Hamilton • Wolcott • Dexter • Gallatin • Campbell • Dallas • Crawford • Rush • Ingham • McLane • Duane • Taney • Woodbury • Ewing • Forward • Spencer • Bibb • Walker • Meredith • Corwin • Guthrie • Cobb • Thomas • Dix • Chase • Fessenden • McCulloch • Boutwell • Richardson • Bristow • Morrill • Sherman • Windom • Folger • Gresham • McCulloch • Manning • Fairchild • Windom • Foster • Carlisle • Gage • Shaw • Cortelyou • MacVeagh • McAdoo • Glass • Houston • Mellon • Mills • Woodin • Morgenthau • Vinson • Snyder • Humphrey • Anderson • Dillon • Fowler • Barr • Kennedy • Connally • Shultz • Simon • Blumenthal • Miller • Regan • Baker • Brady • Bentsen • Rubin • Summers • O'Neill • Snow • Paulson • Geithner
Seal of the United States Department of the Treasury
[show]v · d · eCabinet of President George W. Bush (2001–2009)
[hide] Cabinet
Secretary of State
Colin Powell (2001–2005) • Condoleezza Rice (2005–2009)
George W. Bush, forty-third President of the United States
Secretary of the Treasury
Paul O'Neill (2001–2002) • John W. Snow (2003–2006) • Henry Paulson (2006–2009)
Secretary of Defense
Donald Rumsfeld (2001–2006) • Robert Gates (2006–2009)
Attorney General
John Ashcroft (2001–2005) • Alberto Gonzales (2005–2007) • Michael Mukasey (2007–2009)
Secretary of the Interior
Gale Norton (2001–2006) • Dirk Kempthorne (2006–2009)
Secretary of Agriculture
Ann Veneman (2001–2005) • Mike Johanns (2005–2007) • Ed Schafer (2008–2009)
Secretary of Commerce
Donald Evans (2001–2005) • Carlos Gutierrez (2005–2009)
Secretary of Labor
Elaine Chao (2001–2009)
Secretary of Health and
Human Services
Tommy Thompson (2001–2005) • Mike Leavitt (2005–2009)
Secretary of Education
Rod Paige (2001–2005) • Margaret Spellings (2005–2009)
Secretary of Housing and
Urban Development
Mel Martinez (2001–2003) • Alphonso Jackson (2003–2008) • Steve Preston (2008–2009)
Secretary of Transportation
Norman Mineta (2001–2006) • Mary Peters (2006–2009)
Secretary of Energy
Spencer Abraham (2001–2005) • Samuel Bodman (2005–2009)
Secretary of Veterans Affairs
Anthony Principi (2001–2005) • Jim Nicholson (2005–2007) • James Peake (2007–2009)
Secretary of Homeland Security
Tom Ridge (2003–2005) • Michael Chertoff (2005–2009)
[hide] Cabinet-level
Vice President
Dick Cheney (2001–2009)
White House Chief of Staff
Andrew Card (2001–2006) • Joshua Bolten (2006–2009)
Administrator of the
Environmental Protection Agency
Christine Todd Whitman (2001–2003) • Mike Leavitt (2003–2005) • Stephen L. Johnson (2005–2009)
Director of the Office of
Management and Budget
Mitch Daniels (2001–2003) • Joshua Bolten (2003–2006) • Rob Portman (2006–2007) • Jim Nussle (2007–2009)
Director of National Drug
Control Policy
John P. Walters (2001–2009)
Trade Representative
Robert Zoellick (2001–2005) • Rob Portman (2005–2006) • Susan Schwab (2006–2009)
[show]v · d · eLate-2000s financial crisis
Late 2000s recession · 2008 G-20 Washington summit · APEC Peru 2008 · 2009 G-20 London Summit · 2009 G-20 Pittsburgh summit · APEC Singapore 2009 · 2010 G-20 Toronto summit · 2010 G-20 Seoul summit
Specific issues
United States housing market correction · World food price crisis · Energy crisis (Central Asia) · Subprime mortgage crisis (timeline, List of writedowns) · Automotive industry crisis · 2008–10 California budget crisis · Future of newspapers · List of entities involved (Bankrupt or acquired banks, Bankrupt retailers) · Effects upon museums · Banking revelations in Ireland · Resurgence of Keynesianism · January 2008 Société Générale trading loss incident · European sovereign debt crisis
By country (or region)
Belgium · Greece · Iceland · Ireland · Latvia · Russia · Spain · Ukraine · (Europe · Africa · Americas · Asia · Oceania)
[show] Legislation and policy responses
Banking and finance
stability and reform
Banking (Special Provisions) Act 2008 · Commercial Paper Funding Facility · Emergency Economic Stabilization Act of 2008 · Troubled Asset Relief Program · Term Asset-Backed Securities Loan Facility · Temporary Liquidity Guarantee Program · 2008 United Kingdom bank rescue package · 2008 East Asian meetings · Obama financial regulatory reform plan of 2009 · Anglo Irish Bank Corporation Act 2009 · 2009 G-20 London Summit · Irish emergency budget, 2009 · National Asset Management Agency · Irish budget, 2010 · Dodd-Frank Wall Street Reform and Consumer Protection Act · Bank stress tests: EU, US
Stimulus and recovery
National fiscal policy response to the late 2000s recession · Housing and Economic Recovery Act of 2008 · Economic Stimulus Act of 2008 · 2008 Chinese economic stimulus plan · 2008 European Union stimulus plan · American Recovery and Reinvestment Act of 2009 · Fraud Enforcement and Recovery Act of 2009 · Green New Deal
[show] Companies and banking institutions
Companies in
bankruptcy,
reorganization,
administration,
or other insolvency
proceedings.
New Century Financial Corporation · Woolworths · American Freedom Mortgage · American Home Mortgage · Bernard L. Madoff Investment Securities LLC · Charter Communications · Lehman Brothers (bankruptcy) · Linens 'n Things · Mervyns · NetBank · Petters Group Worldwide · Terra Securities (scandal) · Rothstein Rosenfeldt Adler · Sentinel Management Group · Stanford Financial Group · Washington Mutual · Icesave · Kaupthing Singer & Friedlander · Yamato Life · Circuit City · Allco Finance Group · Waterford Wedgwood · Saab Automobile · BearingPoint · Tweeter · Babcock & Brown · Silicon Graphics · Conquest Vacations · General Growth Properties · Chrysler (reorganization) · Thornburg Mortgage · Great Southern Group · General Motors (reorganization) · Eddie Bauer · Nortel · BI-LO (United States) · Arena Football League · DSB Bank · CIT Group · Movie Gallery · Air America Radio · Citadel Broadcasting · Midway Games · Uno Chicago Grill · Tribune Company · Sun-Times Media Group · FairPoint Communications · R. H. Donnelley · Sbarro · Borders Group
Government interventions, rescues,
and acquisitions
Northern Rock (nationalisation) · Bear Stearns · IndyMac Federal Bank · Fannie Mae (takeover) · Freddie Mac (takeover) · AIG · Bradford & Bingley · Fortis · Glitnir · Hypo Real Estate · Dexia · CL Financial · Landsbanki · Kaupthing · Straumur · ING Group · Citigroup · General Motors · Chrysler · Royal Bank of Scotland Group · Bank of America · Anglo Irish Bank (nationalisation) · Parex Bank · Bank of Antigua · ACC Capital Holdings (reorganization) · U.S. Central Credit Union · Bank of Ireland · HBOS · Allied Irish Banks
Company acquisitions
Ameriquest Mortgage · Countrywide Financial · Bear Stearns · Alliance & Leicester · Merrill Lynch · Washington Mutual · Derbyshire Building Society · Cheshire Building Society · HBOS · Wachovia · Sovereign Bank · Barnsley Building Society · Scarborough Building Society · National City Corp. (details) · Dunfermline Building Society
[show] Other topics
Alleged frauds
and fraudsters
Stanford Financial Group (Allen Stanford) (Laura Pendergest-Holt) · Fairfield Greenwich Group · UBS · Sean FitzPatrick (Anglo Irish Bank) · Kazutsugi Nami (Enten controversy) · Nicholas Cosmo · Arthur Nadel · Paul Greenwood · Stephen Walsh · Angelo Mozilo · Barry Tannenbaum · Raj Rajaratnam (Galleon Group)
Proven or admitted
frauds and fraudsters
Bernard Madoff (Ponzi scheme) (Frank DiPascali) (David G. Friehling) · Satyam Computer Services (accounting scandal) (Ramalinga Raju) · Marc Stuart Dreier · Norman Hsu · Joseph S. Forte · Du Jun · Scott W. Rothstein · Tom Petters
Related entities
Federal Deposit Insurance Corporation · Federal Reserve System · Federal Housing Administration · Federal Housing Finance Agency · Federal Housing Finance Board · Government National Mortgage Association · Office of Federal Housing Enterprise Oversight · Office of Financial Stability · UK Financial Investments Limited · United States Consumer Financial Protection Bureau · Federal Home Loan Banks
Securities involved
and financial markets
Auction rate securities · Collateralized debt obligations · Collateralized mortgage obligations · Credit default swaps · Mortgage-backed securities · Secondary mortgage market
Related topics
Bailout · Bank run · 2009 California college tuition hike protests · Credit crunch · Dot-com bubble · Economic bubble · Financial contagion · Financial crisis · Great Depression · 2008 Greek riots · 2009 Icelandic financial crisis protests · Interbank lending market · Jon Stewart's 2009 criticism of CNBC · Liquidity crisis · Capitalism: A Love Story · 2009 May Day protests · 2010-2011 Greek protests · 2010 French pension reform strikes · 2010 UK student protests · 2010–2011 Middle East and North Africa protests · PIIGS · Tea Party protests · Inside Job (film) · 2011 United States public employee protests
Persondata
Name Paulson, Henry Merritt "Hank"
Alternative names
Short description 74th United States Secretary of the Treasury
Date of birth March 28, 1946
Place of birth Palm Beach, Florida, United States
Date of death
Place of death
Retrieved from "http://en.wikipedia.org/wiki/Henry_Paulson"
Categories: 1946 births | American businesspeople | American chief executives | American Christian Scientists | American environmentalists | American philanthropists | Dartmouth College alumni | Eagle Scouts | George W. Bush Administration cabinet members | Goldman Sachs people | Harvard Business School alumni | Illinois Republicans | Living people | People from Barrington, Illinois | United States Secretaries of the Treasury
No comments:
Post a Comment