Hank Paulson Blasts Volcker Rule, Says It Won't Solve The Problem

Times Online:

in an interview with The Sunday Times, Paulson said that the plans to stop banks from betting their own capital on the financial markets would "not solve the problem" or prevent a future crisis.

Read the whole story: Times Online

Comments

[CharlesMac]

09:12 PM on 02/22/2010

Now, I want to make sure I'm clear on this.

As CEO of Goldman Sachs, he securitized and sold the bad assets into the world markets, and before he left GS, they had started to bet against those same assets. This while they were the biggest players in the derivatives market, including credit default swaps. Plus he was the lead dog on the assault on the SEC to change the legal leverage rate of a "bank" from 12-1, to 40-1.

Then, as Treasury Secretary, he comes crying to Congress that the financial system needs $800B in cash from the American People, plus what would be $9 Trillion from the Fed and Treasury (read: American people) to buy those toxic assets, plus guarantee all of their business for the foreseeable future.

The reason being that over-leveraging of derivatives on bad assets was going to destroy the world.

So,, the question is not whether his suggestions make sense or not..

The question is... why is anybody paying attention, whatsoever, to this farking icehole.

[WIpatriot]

11:29 PM on 02/17/2010

When Paulson speaks, you should hold on to your wallet. With both hands.

[Flying Dutchman]

06:57 AM on 02/16/2010

I don't understand why this guy didn't end up on the pyre months ago. He is one of the key instigators of this major financial crisis. He is the one to blame, he is the one who has to pay a price for the role he played in the growing economic misery of millions!

[michaelws]

02:27 AM on 02/16/2010

Paulson has lost all credibility with me. To allow all Banks, not just investment firms, gamble with our money, and charge us if they lose, or keep all the profits if they win...is just plain wrong.

These people are custodians of our money...they should not be allowed to use it recklessly.

Bring back Glass-Steagall. I probably mis-spelled that.

[PhilipTaylor]

02:32 AM on 02/16/2010

You got it right and YES!

[PhilipTaylor]

02:23 AM on 02/16/2010

If this CR00K does NOT like it then it MUST BE THE RIGHT THING TO DO!

Paulson and Greenscam both said we must make the hard decisions on balancing the budget but then a few minutes later both said taxes can NOT be increased! HYPOCRISY!

See "This Week" for video.

[PhilipTaylor]

02:25 AM on 02/16/2010

http://www.cnn.com/video/#/video/bestoftv/2010/02/14/gps.tax.fears.cnn

[Bettysdad]

01:08 AM on 02/16/2010

In a just world Paulson and his friends would be selling derivatives based on contraband cigarettes.

They'd probably only get to do it once, though.

[Troubledwawa]

11:52 PM on 02/15/2010

Is that the same Hank that was supposedly sound asleep at the wheel when the crisis struck?

Is that the same Hank that looked out for his families fortune in GS stock first, during the crisis - and at the expense of the rest of us?

Unbelievable. And now he's back, offering advice - and trying to sell his book.

[GerryS]

10:47 PM on 02/15/2010

wow,

the jaKKKals are circling--

I would not expect anything else-------------------

[4TJefferson]

09:34 PM on 02/15/2010

LOL! Is this a joke or what? Where oh where was Paulson before the markets exploded into flames? He told everyone the "fundamentals were sound." Then three months later he said he needed $800 billion fast in small unmarked bills to save the economy. Now, he wants to critique something like banking regulation? Sure thing Hank.

[Jannsmoor]

06:09 PM on 02/15/2010

Translation: All my solutions are sell-outs to Wall Street. You should have figured that out when I bailed out all my Wall Street Buddies. Those who work for a living are fly specks. Those who rake off hundreds of billions in profits are who are important. The more for my buddies on Wall Street, the less for everyone else. So what?

[uneeda]

06:13 PM on 02/15/2010

you got it

[michaelws]

02:32 AM on 02/16/2010

you should add that the profits were from gambling with our money without our permission...and when they win big...we get nothing...when they lose, we pay them again for the losses incurred.

Paulson, Bernanke, Geitner, Sumers...all of them....GO. You've made your billions off our backs and given us nothing in return. You are nothing more than common cr.iminals. Period.

Am I angry? You better believe it.

[Mortimer2]

05:13 PM on 02/15/2010

Make we should put Paulson back in charge? NOT!!!!!!!!!

[michaelws]

02:33 AM on 02/16/2010

how about prison ?

[BowlingForRevenge]

05:10 PM on 02/15/2010

The architect of the financial meltdown Hank Paulson....has credibility?

When will the WH tell this monster to go straight to he ll?

[Jase84]

05:04 PM on 02/15/2010

Because we all know Paulson is just a bastion of credibility.

[TJCole]

04:54 PM on 02/15/2010

"Their own money..!"

Paulson is a total crook...the biggest crook in American and World history...!

"Their own money..!"

Can you believe the nerve of this guy..?

[michaelws]

02:34 AM on 02/16/2010

X2!

[TJCole]

02:36 AM on 02/16/2010

Thanks...

[FoonTheElder]

04:20 PM on 02/15/2010

He's right, it won't solve the problems, because it deals with only a small part. But I would never assume that Paulson ever wanted to solve any of the problems.