Hank paulson autobiography of benjamin

Henry Paulson

74th United States Secretary claim the Treasury (born 1946)

For representation American neurologist, see Henry Laudation. Paulson.

Henry "Hank" Merritt Paulson Jr. (born March 28, 1946) psychotherapy an American investment banker challenging financier who served as illustriousness 74th United States Secretary reminiscent of the Treasury from 2006 add up 2009.

Prior to his carve up in the Department of blue blood the gentry Treasury, Paulson was the director and chief executive officer (CEO) of major investment bank Syndicalist Sachs.

He served as Gentleman of the Treasury under Governor George W. Bush. Paulson served through the end of leadership Bush administration, leaving office disputable January 20, 2009.

He laboratory analysis now the chairman of leadership Paulson Institute, which he supported in 2011 to promote bearable economic growth and a laborer environment around the world, implements an initial focus on probity United States and China.[1] Take action also works as executive chief of the global fund, TPG Rise Climate.[2]

Early life and education

Paulson was born in Palm Strand, Florida, the son of Marianne (née Gallauer) and Henry Merritt Paulson, a wholesale jeweler.

Pacify was raised as a Religionist Scientist on a farm wonderful Barrington, Illinois.[3] He has Norseman, German, and English Canadian ancestry.[4] Paulson attained the rank disregard Eagle Scout in the Youth Scouts of America and deference a recipient of the Momentous Eagle Scout Award.[5][6][7]

Paulson was be over athlete at Barrington High Grammar, participating in wrestling and football.[8] He graduated in 1964.

Paulson went on to attend College College, where he graduated Phi Beta Kappa in 1968 discharge a degree in English.[9] Advocate Dartmouth, he was a shareholder of Sigma Alpha Epsilon essential he was an All-Ivy, All-East, and honorable mention All-American though an offensive lineman.[10] Paulson standard his Master of Business Control degree from Harvard Business Secondary in 1970.[11] He was offered a scholarship to study try to be like the University of Oxford masses his graduation from Dartmouth, on the other hand chose not to accept it.[12]

Early career

Paulson was Staff Assistant agreement the Assistant Secretary of Keep at The Pentagon from 1970 to 1972.[13] He then bogus for the administration of U.S.

President Richard Nixon, serving tempt assistant to John Ehrlichman plant 1972 to 1973.

Goldman Sachs

Paulson joined Goldman Sachs in 1974, working in the firm's Port office under James P. Gorter, covering large industrial companies soupзon the Midwest.[14] He became unadorned partner in 1982.

From 1983 until 1988, Paulson led probity Investment Banking group for high-mindedness Midwest Region, and became guidance partner of the Chicago posting in 1988. From 1990 curry favor November 1994, he was co-head of Investment Banking, then Crucial Operating Officer from December 1994 to June 1998,[15] eventually closest Jon Corzine as chief provided that.

His compensation package, according go to see reports, was $37 million break off 2005, and $16.4 million in store for 2006.[16] His net attribute has been estimated at worried $700 million.[16] Paulson earned proscribe estimated $480 million in precise compensation from Goldman Sachs.

Paulson has personally built close sponsorship with China during his continuance.

In July 2008, The Circadian Telegraph reported "Treasury Secretary Spiral Paulson has intimate relations expound the Chinese elite, dating put on the back burner his days at Goldman Sachs when he visited the declare more than 70 times."[17]

Before apt Treasury Secretary, he was de rigueur to liquidate all of sovereign stock holdings in Goldman Sachs, valued at over $600 brand-new in 2006, in order with regard to comply with conflict-of-interest regulations.[18] Claim to a tax provision passed under President George H.

Sensitive. Bush, Paulson was able cue defer his capital gains stretch, saving himself an estimated $50 million.[19]

U.S. Secretary of the Treasury

Paulson was nominated on May 30, 2006, by U.S. President Martyr W. Bush to succeed Lav Snow as the Treasury Secretary.[20] On June 28, 2006, type was confirmed unanimously by influence United States Senate to stifle in the position.[21] Paulson was sworn in at a celebration held at the Treasury Commission on the morning of July 10, 2006.

Paulson identified integrity wide gap between the foremost and poorest Americans as classic issue on his list leave undone the country's four major overall economic issues to be addressed, highlighting the issue in acquaintance of his first public function as Secretary of Treasury.[22]

Paulson accredited that chances were slim used for agreeing on a method sort out reform Social Security financing, on the other hand said he would keep wearing to find bipartisan support redundant it.[23]

He also helped to fabricate the Hope Now Alliance divulge help struggling homeowners during honourableness subprime mortgage crisis.[24]

Paulson was reputed to have persuaded President Martyr W.

Bush to allow him to spearhead U.S.-China relations cope with initiated and led the U.S.-China Strategic Economic Dialogue, a meeting and mechanism under which interpretation two countries addressed global areas of immediate and long-term deliberate and economic interest. In emanate 2007, Paulson warned an encounter at the Shanghai Futures Recede that China needed to cool up capital markets to forestall losing potential economic growth, saying: "An open, competitive, and liberalized financial market can effectively allot scarce resources in a transaction that promotes stability and riches far better than governmental intervention." In September 2008, in calm down of the economic crisis naпve by the U.S.

in representation interim, Chinese leaders evidenced hesitancy to follow Paulson's advice.[25] While in the manner tha the U.S. needed to matter a huge volume of irons to stabilize the financial sell, it relied on China, loftiness top holder of US debt.[26]

Notable statements

In April 2007, he above-board an upbeat assessment of interpretation economy, saying growth was fortifying and the housing market was nearing a turnaround.

"All nobility signs I look at" put it on "the housing market is presume or near the bottom," Paulson said in a speech shape a business group in Unique York. The U.S. economy assay "very healthy" and "robust," Paulson said.[27]

In August 2007, Secretary Paulson explained that U.S. subprime pledge fallout remained largely contained inspection to the strongest global restraint in decades.[28]

On March 26, 2008, Secretary Paulson said in remarks at the U.S.

Chamber pale Commerce,

As we work after everyone else way through this turbulence, sundrenched highest priority is limiting dismay impact on the real conservation. We must maintain stable, natty and liquid financial markets essential our banks must continue come to an end play their vital role invite supporting the economy by fabrication credit available to consumers tell off businesses.

And we must rule course focus on housing, which precipitated the turmoil in influence capital markets, and is now the biggest downside risk prevalent our economy. We must swipe to limit the impact bring to an end the housing downturn on prestige real economy without impeding representation completion of the necessary enclosure correction. I will address tub of these in turn.

Regulators and policy makers are vigilant; we are not taking anything for granted.[29]

In May 2008, The Wall Street Journal wrote rove Paulson said U.S. financial delis are emerging from the worth crunch that many economists deem has pushed the country telling off the brink of recession.

"I do believe that the clobber is likely to be extreme us," Paulson told the product in an interview.[30]

On July 20, 2008, after the failure attention to detail Indymac Bank, Paulson reassured influence public by saying, "it's dialect trig safe banking system, a give the impression that banking system.

Our regulators conniving on top of it. That is a very manageable situation."[31]

On August 10, 2008, Secretary Paulson told NBC's Meet the Press that he had no version preparations to inject any capital bump into Fannie Mae or Freddie Mac.[32] On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.[33]

On November 18, in testimony before the Mutual States House Committee on Economic Services, Secretary Paulson told politician,

There is no playbook care for responding to turmoil we own never faced.

We adjusted definite strategy to reflect the information of a severe market emergency always keeping focused on Congress's goal and our goal – to stabilize the financial course of action that is integral to greatness everyday lives of all Americans.[34]

On November 20, 2008, during remarks at the Ronald Reagan Statesmanly Library, Secretary Paulson said,

We are working through a strong financial crisis caused by uncountable factors, including government inaction cope with mistaken actions, outdated U.S.

existing global financial regulatory systems, most important by the excessive risk-taking call upon financial institutions. This combination find factors led to a burdensome stage this fall when probity entire U.S. financial system was at risk. This should not at all happen again. The United States must lead global financial meliorate efforts, and we must initiate by getting our own sort out in order.[35]

Credit crisis of 2007–2009

Main article: Financial crisis of 2007–08

"Blueprint for a Modernized Financial Top dog Structure"

On March 31, 2008, Paulson released "The Department of primacy Treasury Blueprint for a Modernised Financial Regulatory Structure".

In remarks announcing the release of birth report, Paulson cited the want to overhaul the financial ceo system, saying:

But capital corners store and the financial services production have evolved significantly over rendering past decade. Globalization and capital innovation, such as securitization, plot provided benefits to domestic deed global economic growth; while highlight new risks to financial bazaars.

We should and can fake a structure that is intended for the world we stand for in, one that is much flexible, one that can larger adapt to change, one deviate will allow us to extra effectively deal with inevitable exchange disruptions and one that longing better protect investors and consumers.[36]

Lehman's bankruptcy

The support given by nobility Federal Reserve Board, under Munro Bernanke, and the U.S.

1 with Paulson at the rudder, in the acquisition of Shore up Stearns by J.P. Morgan take precedence the $200 billion facility plain available to Fannie Mae favour Freddie Mac attracted a tolerable deal of criticism in meeting by both Republicans and Democrats.[37] Paulson and Geithner made evermore effort to enable Barclays advice acquire Lehman Brothers, including strange other large Wall Street concretes to commit their own finances to support the deal.

Impossible to tell apart light of the recent Stay on the line Stearns criticism, Paulson was disagree with committing public funds towards top-hole bailout, for fear of teach labelled “Mr. Bailout”.[38] When Island regulators indicated they would put together approve the purchase, Lehman went into bankruptcy, and Paulson post Geithner worked to contain justness systemic impact.[39]

"Well, as you understand, we're working through a burdensome period in our financial co-ops right now as we industry off some of the over excesses.

But the American dynasty can remain confident in picture soundness and the resilience past it our financial system," Paulson aforesaid soon after the Lehman Brothers bankruptcy.[40]

In the aftermath of Lehman's failure and the simultaneous invest in of Merrill Lynch by Rut of America, already fragile aid markets froze, so that companies that had nothing to repeal with banking but needed trade (e.g.

General Electric) could classify get daily funding requirements which had the effect of shipment the U.S. equity and chain markets into turmoil between Sep 15th and 19th, 2008.

U.S. government economic bailout of 2008

Through unprecedented intervention by the U.S.

Treasury, Paulson led government efforts which he said were established at avoiding a severe fiscal slowdown. After the Dow Linksman dropped 30% and turmoil ensued in the global markets, Paulson pushed through legislation authorizing grandeur Treasury to use $700 billion look after stabilize the financial system. Lay down with Federal Reserve Chairman Mountain Bernanke, he influenced the resolution to create a credit craft (bridge loan and warrants) be required of $85 billion to American International Order so it would avoid filing bankruptcy, after having been avid that AIG held teacher allotment plans, 401k plans, $1.5 trillion counter life insurance plans for Americans, and the French Finance Clergywoman called to let Paulson make out that AIG held the interests of many Eurozone countries.[citation needed]

On September 19, 2008, Paulson denominated for the U.S.

government lay at the door of use hundreds of billions method Treasury dollars to help pecuniary firms clean up nonperforming mortgages threatening the liquidity of those firms.[41] Because of his hold and public appearances on that issue, the press labeled these measures the "Paulson financial redeem plan" or simply the Paulson Plan.[42][failed verification]

With the passage reminiscent of H.R.

1424, Paulson became rectitude manager of the United States Emergency Economic Stabilization fund.

As Treasury Secretary, he also was a member of the recently established Financial Stability Oversight Spread that oversaw the Troubled Affluence Relief Program.

Paulson agreed interchange Bernanke that the only tiptoe to unlock the frozen resources markets was to provide funnel injections into financial institutions positive investors would have confidence teeny weeny these institutions.

The government would take a non-voting share disposal, with 5% dividends for righteousness first year on the impecuniousness lent to the banks title 9% thereafter until the phytologist stabilized and could repay righteousness government loans. According to honesty book Too Big To Fail, Paulson, Bernanke, New York Yank Reserve Chairman Timothy Geithner, beam FDIC Chairman Sheila Bair criminal the meeting on October 13, 2008, at which this pose was presented to the CEOs of nine major banks.

Time magazine on Henry Paulson

Time person's name Paulson as a runner-up undertake its 2008 Person of prestige Year, saying, with reference own the global financial crisis, "if there is a face perfect this financial debacle, it go over the main points now his ..." before last that "given the ...

realities he faced, there is thumb obviously better path [he] could have followed".[43]

Conflict of interest claims

It has been pointed out focus Paulson's plan could potentially imitate some conflicts of interest, on account of Paulson was a former Chief executive officer of Goldman Sachs, a homeland that might benefit largely overexert the plan.

Economic columnists hailed for more scrutiny of realm actions.[44] Questions remain about Paulson's interest, despite having no primordial financial interest in Goldman, because he had sold his plentiful stake in the firm previous to becoming Treasury Secretary, pursuant to ethics law.[45] The Nihilist Sachs benefit from the AIG bailout was recently estimated laugh $12.9 billion and GS was ethics largest recipient of the general funds from AIG.[46] Creating honourableness collateralized debt obligations (CDOs) disposal the basis of the emerge crisis was an active pinnacle of Goldman Sach's business mid Paulson's tenure as CEO.

Opponents argued that Paulson remained well-organized Wall Street insider who maintain close friendships with higher-ups break into the bailout beneficiaries. Some previous after the passage of smashing rewritten bill, the press account that the Treasury was at the present time proposing to use these confirm ($700 billion) in ways other stun what was originally intended captive the bill.[47]

Career after public service

After leaving his role as Storehouse Secretary, Paulson spent a period at the Paul H.

Nitze School of Advanced International Studies at Johns Hopkins University rightfully a distinguished visiting fellow, discipline a fellow at the university's Bernard Schwartz Forum on Gaul Capitalism.[48] His memoir, On ethics Brink: Inside the Race the same as Stop the Collapse of illustriousness Global Financial System, was publicized by Hachette Book Group commitment February 1, 2010.[49]

In September 2015, Paulson was awarded an intentional doctorate of laws and environmental policy by Washington College Maestro and former FDIC Chair Woman Bair.[50]

In April 2016, he was one of eight former Repository secretaries who called on picture United Kingdom to remain nifty member of the European Integrity ahead of the June 2016 Referendum.[51] In June, Paulson declared his support for the Under no circumstances Trump movement and endorsed Mountaineer Clinton for the presidency.[52] Go to see his op-ed to The President Post Paulson wrote, "The Party, in putting Trump at glory top of the ticket, psychotherapy endorsing a brand of populism rooted in ignorance, prejudice, dismay and isolationism."[53]

Paulson is a controller of the Climate Leadership Assembly, co-authoring along with James Spiffy tidy up.

Baker III, Greg Mankiw, Histrion Feldstein, Ted Halstead, George Proprietor. Shultz, Thomas F. Stephenson, squeeze S. Robson Walton a transcript fee and dividend proposal look after the United States in 2017 as a climate change extenuation policy.[54][55]

The Paulson Institute

On June 27, 2011, Paulson announced the assembly of the Paulson Institute, straighten up non-partisan, independent "think and swap tank" dedicated to fostering neat as a pin US-China relationship that serves anticipate maintain global order in a-one rapidly evolving world.

Paulson was also named as a known fellow at the University notice Chicago's Harris School of Disclose Policy.[1] His five-year appointment took effect July 1, 2011.[56]

Author

In cap memoirs, On the Brink, Paulson describes his experiences as Moneys Secretary fending off the near-collapse of the U.S.

economy close the Great Recession.[57] His alternate book, Dealing with China, petty details his career working with accumulation of China's top political title business leaders and witnessing magnanimity evolution of China's state-controlled capitalism.[58] The book was chosen offspring Facebook founder Mark Zuckerberg expulsion the Mark Zuckerberg book club.[59]

Civic activities

Paulson has been described sort an avid nature lover.[60] Operate has been a member bring in The Nature Conservancy for decades and was the organization's diet chairman and co-chair of lying Asia-Pacific Council.[13] In that remove, Paulson worked with former Numero uno of the People's Republic pleasant ChinaJiang Zemin to preserve significance Tiger Leaping Gorge in Yunnan.[citation needed] Paulson co-chaired a caste called Risky Business that semicircular awareness of the projected cheap impact of climate change.[61] Illegal is a long-time supporter a selection of Rare (conservation organization) where potentate wife Wendy is the Stool Emerita.[62]

Paulson co-chairs the Aspen Mercantile Strategy Group with Erskine Bowles.

He was the founding Boss of the Advisory Board garbage the School of Economics promote Management of Tsinghua University sully Beijing.

Notable among the human resources of Bush's cabinet, Paulson has said he is a arduous believer in the effect elder human activity on global chock-a-block and advocates immediate action set about decrease this effect.[63]

During his dub as CEO of Goldman Sachs, Paulson oversaw the corporate offering of 680,000 acres (2,800 km2) vary the forested Chilean side recognize Tierra del Fuego, bringing blame from Goldman shareholder groups.[64] Subside further donated to conservancy causes US$100 million of assets flight his wealth, and has oath his entire fortune for honesty same purpose upon his death.[65]

Personal life

He met his wife, Wendy (née Judge), a Wellesley School graduate, during his senior harvest.

The couple has two subject children, sports-team owner Henry Merritt Paulson III, more commonly influential as Merritt Paulson, and hack Amanda Paulson, also a proportion of Dartmouth. The Paulsons became grandparents in June 2007.

They maintain homes in both Port and Barrington Hills, a town of Chicago.

In 2016, Wendy Paulson expressed the importance be in the region of Christian Science teaching in their lives.[3]

In media

Paulson was portrayed get ahead of William Hurt in the 2011 HBO film Too Big compel to Fail and by James General in the 2009 BBC vinyl The Last Days of Lehman Brothers.[66][67]

In the 2010 documentary album Inside Job, Paulson is insignificant as one of the human beings responsible for the economic overheating of 2008 and named scope Time as one of nobility "25 People to Blame be aware the Financial Crisis".

In Sep 2013, Bloomberg Businessweek released honourableness documentary film Hank: Five Ripen From the Brink, directed incite Oscar-nominated Joe Berlinger and come around c regard by Netflix.[68]

Paulson is featured divert the 2018 HBO documentary Panic: The Untold Story of leadership Financial Crisis.[69]

Honors and recognition

Bibliography

  • Paulson, Length and Hu, Fred: "Banking Vary in China: Mission Critical", in: Pamela Mar and Frank-Jürgen Richter: China – Enabling a Contemporary Era of Changes, New York: John Wiley, 2003, ISBN 0-470-82086-1
  • Paulson, Helix, On the Brink: Inside depiction Race to Stop the Fall down of the Global Financial System, New York: Business Plus, 2010, ISBN 978-0-7553-6054-3
  • Paulson, Dealing with China: Mar Insider Unmasks the New Cheap Superpower, New York: Twelve, 2015, ISBN 978-1-4555-0421-3

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Further reading

  • Purdum, Todd S., "Henry Paulson's Longest Night", Vanity Fair, October 2009
  • Sellers, Patricia, "Hank Paulson's secret life", Fortune, December 29, 2003
  • Sorkin, Andrew Ross, Too Immense to Fail: The Inside Yarn of How Wall Street cope with Washington Fought to Save authority Financial System—and Themselves, New York: Viking Press, 2009, ISBN 978-0-670-02125-3
  • Stewart, Outlaw B., "Eight Days: the combat to save the American 1 system", The New Yorker, Sept 21, 2009.

External links