As Paulson says with regret in the film, that program had a worse approval rating with the public than torture. People were asking, "Why were those fat cats being given money while I am losing my house?"
Now, we get Hank: Five Years from the Brink, in which former U.S. Treasury Secretary Henry "Hank" Paulson gives us a play-by-play of how he, Fed Chairman Ben Bernanke and Federal Reserve chairman Timothy Geithner, kept everything from collapsing while alternately massaging and challenging the various egos that ran the nation's largest banks.
Today, the Earth got a little hotter. DAILY CLIMATE CHANGE: Global Map of Unusual Temperatures, Jan 22 2014 How unusual has the weather been? No ...
Jellyfish Take Over As Humans Overfish And Change Climate notes Tim Flannery at the New York Review of Books. These zombie-like, sometimes lethal crea...
There is no amount of money, fines, settlements or payments that is commensurate with the hardship that the arrogance, unethical and fast dealing behaviors of banks and their leaders have caused.
Surprisingly, a few days later Warren Buffett made the same observation. He said "the Fed is the greatest hedge fund in history." For Warren, this is great. He is on the receiving end of the biggest transfer of wealth in history from workers and savers to borrowers and speculators.
If this government finally wants to send a signal to Main Street that it is no longer in the embrace in the tentacles of Wall Street, there is one person who won her spurs in spirited confrontation with Wall Street's power brokers and can wear their enmity as a badge of honor.
NEW YORK -- Media outlets love anniversaries. They become the makers and news-pegs for one-day stories that become pretexts for episodic coverage of k...
What we have is a classic first mover problem -- i.e. widespread desire for change, but real risks and consequences for a company or executive willing to take the first step.
Buckle your seat belts and hold onto your hats, because we're headed for a sharp curve. Believe it or not, I recommend the recruitment of one Hank Paulson for Fed chair.
Where these people will go after government is hard to predict, but the odds are pretty high that they will return to their corporate, and highly profitable, roots.
The downgrades in the credit ratings of major banks mean very little to the average consumer, but the downgrade in the credibility of Congress and the mess we have made of our financial regulatory structure should give us all pause.
The ability to snatch the spotlight when good things happen and vanish the moment they go south is the domain of the credit weasel. Shamelessness is fundamental to superior credit weaseling. It's also a sine qua non for Mitt Romney's presidential campaign.
Only by leaving can Greece reissue the drachma and let it devalue sharply. Everything Greek will be available at fire sale prices, which will attract foreign investors and make Greek exports price competitive. Greece and its people will be left a lot poorer, but that's also now inevitable.
Greg Smith's recent wail of resignation made it clear that Goldman Sachs has long lost touch with these simple truths. The thing is, though, you don't have to be a client of Goldman's to lose out, you just have to be, well, a human.