BUSINESS

Paulson: US Lacked Tools To Tackle Crisis

01/30/2009 05:12 am 05:12:01 | Updated May 25, 2011

Outgoing U.S. Treasury Secretary Henry Paulson said the U.S. government had to battle the financial crisis without the tools needed to do the job effectively, the Financial Times newspaper reported on Wednesday. Paulson also said any future regulatory overhaul needed to ensure that financial system infrastructure could allow for the failure of large institutions.

In one of his last interviews before leaving office, Paulson said, "We've done all this without all of the authorities that a major nation like the U.S. needs."

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