If you've read, are reading, or plan to read Andrew Ross Sorkin's Too Big To Fail, you also need to pick up a copy of Hank Paulson's memoir, On The Brink. Sorkin has the bankers' story, in sordid yet compelling detail, of how they received the most generous bailout in the world financial history during fall 2008 -- and set us up for great problems to come. Paulson tells us why, when, and how exactly he let them get away with this.
Hank Paulson does not, of course, intend to be candid. As I review in detail on The New Republic's The Book site this morning, On The Brink is actually a masterpiece of misdirection and disinformation.
But still, he gives it all away -- and if any details remain obscure, check them in Sorkin. Paulson honestly believes that the financial sector as constructed is productive, makes sense, and should continue to operate in roughly its current form.
Whether or not Paulson really understands the functioning of big banks in the U.S. today is an interesting question -- for example he never mentions how they treated customers during the boom, and there is not one word about the need for greater consumer protection moving forward. On the other hand, perhaps this omission tells us that he understands the game all too well -- and is keen for it to continue.
He certainly did his best to make that happen.
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The good news is, almost everyone in my book is safely tucked away six feet under; but beware the perils of the first time memoirist: not everyone can be dead!
but his legacy will be the
selling of America to China.
If we don't get some stringent legislation passed in the next year, they all need to go. Barney Frank was the discussion on Financial Reform to be before the cameras. Good move, because then we can see who we need to get rid of in the next few years.
http://www.kpfa.org/guns-and-butter-9
Give yourself plenty of quiet time to listen to this man, as he speaks of complex forces in a comprehensive and erudite way that bears close listening. He cites papers from think tanks, policy groups, and international business organizations to support, in their own words, the intent of the men who would be our masters. Chilling. And angering.
Anyone thinking that "the intent of the men who would be our masters" is anything other than what it is, is only deluding themselves.
http://www.forbes.com/2006/06/01/paulson-tax-loophole-cx_jh_0602paultax.html
Granted, it's only at 15% these days, but com'on. It's important to get to the point.
Working for the rest of us? Not so much.
Any further proof needed?
Patriot, I posted this above, but hope you'll take the time to listen to it. This guy makes too much sense.
http://www.kpfa.org/guns-and-butter-9
Paulson's job at Goldman was investment banking in the midwest. Not only is regional investment banking not the financial system, it is small potatoes even in Goldman.
To get as far as he did on this kind of background is amazing. No wonder he bailed out his old firm at the earliest opportunity. That is what he is, and opportunist par excellence.
Paulson is an embarrassing disgrace ... and this is how history should (and hopefully Will) remember him.