Friday, April 16, 2010

Goldman Sachs Fraud: No Big Deal? Right?

Goldman Sachs Fraud: A Slap on the Wrist?

http://www.minyanville.com/businessmarkets/articles/goldman-sachs-abacus-2007-ac1-john/4/16/2010/id/27828

By Jarrod Dicker and Matt Theal Apr 16, 2010 1:30 pm

Charges that the company misled investors in a CDO structured by John Paulson could end up as just another ding against Goldman's mighty armor.


Media outlets are having a field day with breaking news that the SEC has filed charges against Goldman Sachs (GS) for alleged fraud in mortgage investments that were secretly designed to fail.

According to the SEC the key instrument used was called Abacus 2007-AC1.

The complaint alleges that Abacus 2007-AC1 was created by Goldman Sachs to appease hedge fund investor John Paulson's desire to wager against the housing market. Goldman allowed Paulson & Co. to hand-select suspected mortgages Paulson believed would fail and then packaged those bonds into Abacus, a collateralized debt obligation (CDO). Abacus was then sold to foreign investors, pension funds, insurance companies, and other hedge funds.

Goldman and Paulson took the other side of the trade. Clients of Goldman who took the trade lost $1 billion while Paulson & Co. made an estimated $1 billion on it in 2007.

The investment firm purportedly told investors that the funds were chosen by an independent manager.

In the civil suit, the regulators have taken action against Goldman Sachs the company, as well as singling out Vice President Fabrice Tourre who was responsible in helping create and sell the default investment.

Tourre allegedly chose to exclusively disclose the ratings of the bonds included in the CDO and failed to reveal to investors that Paulson was on the other side betting against the ratings.

According to the New York Times, “Mr Tourre at one point complained to an investor who was buying shares in Abacus that he was having trouble persuading Moody’s to give the deal the rating he desired.”

Needless to say, Tourre will be the sole biter of the bullet in this case. So far, no charges have been filed against Paulson.

So what will happen next?

Goldman Sachs stated, “The SEC’s charges are completely unfounded in law and fact and [they] will vigorously contest them and defend the firm and its reputation.” Paulson & Company have yet to comment.

The SEC suit is a civil one, so no criminal charges have been places against Goldman Sachs as of yet. The outcome will undoubtedly result in a proverbial slap on the wrist along with a heavy monetary fine that will unlikely match the profits that Goldman (and Paulson) gained from the faulty deal.

http://en.wikipedia.org/wiki/John_Paulson

 

John Paulson

From Wikipedia, the free encyclopedia

Jump to: navigation, search
John Paulson
Born December 14, 1955 (1955-12-14) (age 54)
Nationality American
Alma mater Harvard Business School (M.B.A.)
New York University (B.Sc.)
Occupation Hedge fund manager
Net worth ▲ 12.0 billion USD
John Alfred Paulson (born December 14, 1955 in Queens, NY) is founder and president of Paulson & Co., a New York-based hedge fund.
Paulson received his bachelor's degree in finance from New York University’s College of Business and Public Administration,1978 , where he graduated first in his class, and a Master of Business Administration from Harvard Business School, where he was designated a Baker Scholar, the school's top academic honor, for graduating in the top 5 percent.[1] Paulson began his career at Boston Consulting Group before leaving to join Odyssey Partners, working under Leon Levy. He later worked in the mergers and acquisitions group at Bear Stearns. Prior to founding his own firm, he was a partner at mergers arbitrage firm Gruss Partners LP. In 1994, he founded his own hedge fund with $2 million and two employees (himself and an assistant).

Contents

[hide]

[edit] Hedge fund

Paulson & Co., Inc. had assets under management (as of June 1, 2007) of $12.5 billion (95% from institutions), which leapt to $36 billion as of November 2008.[2] Under his direction, Paulson & Co has capitalized on the problems in the foreclosure and mortgage backed securities (MBS) markets. In 2008 he decided to start a new fund that would capitalize on Wall Street's capital problems by lending money to investment banks and other hedge funds currently feeling the pressure of the more than $345 billion of write downs resulting from under-performing assets linked to the housing market. On May 15, 2008, Paulson & Co., which bought 50 million shares of Yahoo stock during the first quarter of 2008, said it is supporting Carl Icahn on a proxy fight to replace Yahoo's board.[3] In early 2008, the firm hired former Federal Reserve Chairman Alan Greenspan.
In September 2008, Paulson bet against four of the five biggest British banks.[4] His positions included a £350m bet against shares in Barclays; £292m against Royal Bank of Scotland; and £260m against Lloyds TSB.[5] He eventually booked a profit of as much as £280m after reducing its short position in RBS in January 2009.[6] On August 12, 2009, Paulson purchased 2 million shares of Goldman Sachs as well as 35 million shares in Regions Financial.[7] Paulson has also purchased shares in Bank of America expecting the stock to double by 2011. [8] In November 2009 Paulson announced he was starting a gold fund focused on gold mining stocks and gold-related investments[9].
In Dec 2009, the New York Times reported that Paulson had profited during the financial crisis of 2007 by betting against synthetic collateralized debt obligations. [10] The United States Securities and Exchange Commission sued Goldman Sachs & Co. on April 16, 2010, alleging that Paulson selected a portfolio of CDOs that were likely to default (against which Paulson & Co. had already sold short or would sell short), and that Goldman Sachs marketed the portfolio to customers without disclosing that the securities had been picked by Paulson.[11]
On 22 February 2010, Paulson's fund was linked with the restructuring and recapitalization of the publisher Houghton Mifflin Harcourt. [12] Highlights of the agreement include, a reduction in the senior debt to $3 billion from the current $5 billion, with new equity issued to the senior debt holders (including Paulson & Co., Guggenheim Partners, and others)[13], conversion of the $2 billion mezzanine debt into equity and warrant, receipt of $650m of new cash from the sale of new equity. According to the Irish Times [14] the investments by the current equity holders of EMPG, including HMH's CEO, Barry O'Callaghan, private clients of Davy Stockbrokers, Reed Elsevier, and others, will see their investment of over $3.5 billion written down to zero.

[edit] Other

John Paulson is not related to former Goldman Sachs CEO and U.S. Treasury Secretary Hank Paulson.[15][16][17] A September 26, 2008 Wall Street Journal opinion written by John Paulson suggested an alternative to the Treasury Secretary's plan for stabilizing the markets.[18]
Paulson is #45 on the list of the world's wealthiest billionaires[19] and is worth approximately $12 billion as of 2010. In April 2010, NY Times reported Paulson had earned $2.3 billion in 2009 & $2 billion in 2008 from fees received from his Hedge Fund Paulson & Co (He bet against sub prime mortgages long before the term became well known)
In 2010, Paulson donated $20 million to New York University Stern School of Business to fund the school’s faculty research, scholarships, and campus renovation.[20]

[edit] References

  1. ^ "John Paulson". Moneyweek. 2008-01-25. http://www.moneyweek.com/file/41193/john-paulson.html. Retrieved 2008-06-10. 
  2. ^ "Paulson Statement to Committee on Oversight and Government Reform". http://media.ft.com/cms/a1d35562-b192-11dd-b97a-0000779fd18c.pdf. 
  3. ^ "Paulson Hedge Fund to Back Icahn". 2008-05-15. http://online.wsj.com/article/SB121088262819396339.html?mod=hps_us_whats_news. 
  4. ^ See Gregory Zuckerman,The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History, Broadway Books, 2009. ISBN 9780385529914
  5. ^ Mackintosh, James (September 23, 2008). "Paulson’s hedge fund targets UK banks". Financial Times. http://www.ft.com/cms/s/0/2a2fb560-89b4-11dd-8371-0000779fd18c.html. 
  6. ^ Sibun, Jonathan (January 27, 2009). "John Paulson makes £280m from RBS’s decline". The Daily Telegraph. http://www.telegraph.co.uk/finance/financetopics/recession/4360580/John-Paulson-makes-280m-from-RBSs-decline.html. 
  7. ^ "Minyanville Gazette". 2009-08-13. http://www.minyanville.com/articles/GS-bac-UDN-GLD-gdx-au/index/a/24029. Retrieved 2009-08-13. 
  8. ^ "Fair Value Of Bank Of America: Is There A Flaw In John Paulson's Math?", Gurufocus, Nov. 25, 2009
  9. ^ Opalesque (19 November 2009). "Paulson to start new gold fund". http://www.opalesque.com/55924/john%20paulson/Launches_Fund_manager185.html. 
  10. ^ Banks Bundled Bad Debt, Bet Against It and Won By GRETCHEN MORGENSON and LOUISE STORY, December 23, 2009, New York Times
  11. ^ Text of civil complaint in SEC v. Goldman Sachs & Co. et al., http://www.sec.gov/litigation/complaints/2010/comp-pr2010-59.pdf
  12. ^ Houghton Mifflin Harcourt Secures New $650-Million Cash Investment and Recapitalizes Balance Sheet in Historic Restructuring>
  13. ^ Houghton Owner Restructures Debt>
  14. ^ EMPG agrees $650m cash injection>
  15. ^ Paulson, http://en.wikipedia.org/wiki/Henry_Paulson#Conflict_of_interest_claims 
  16. ^ Queens-born John Paulson makes fortune on home foreclosures
  17. ^ Paulson Housing Bets Make $2.7 Billion, Beat Citadel
  18. ^ Paulson, John, "The Public Deserves a Better Deal", Wall Street Journal, http://online.wsj.com/article/SB122238667352477103.html 
  19. ^ "Forbes' topic page on John Paulson". Forbes. http://billionaires.forbes.com/topic/John_Paulson. Retrieved 2010-04-05. 
  20. ^ "Hedge Fund Founder John A. Paulson Gives $20 Million to NYU Stern", NYU Stern, http://w4.stern.nyu.edu/newsroom/awards.cfm?doc_id=102067 .

[edit] External links




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http://en.wikipedia.org/wiki/Henry_Paulson

 Henry Paulson

From Wikipedia, the free encyclopedia

Jump to: navigation, search
Henry M. Paulson
In office
July 3, 2006 – January 20, 2009
President George W. Bush
Preceded by John W. Snow
Succeeded by Timothy Geithner
Born March 28, 1946 (1946-03-28) (age 64)
Palm Beach, Florida
Political party Republican Party
Spouse(s) Wendy Paulson
Children Henry Merritt Paulson III
Amanda Clark Paulson
Alma mater Dartmouth College (B.A.)
Harvard Business School (M.B.A.)
Profession Investment Banker
Religion Christian Science
Signature
Henry Merritt "Hank" Paulson, Jr. (born March 28, 1946) served as the 74th United States Treasury Secretary. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.
In 2008, Time named Paulson as a runner-up for its Person of the Year 2008, saying, with reference to the Global Financial Crisis of 2008: "if there is a face to this financial debacle, it is now his."[1]
He is currently a fellow at Johns Hopkins University's School of Advanced International Studies (SAIS).

Contents

[hide]

[edit] Early life and family

He was born in Palm Beach, Florida, to Marianna (née Gallauer) and Henry Merritt Paulson, a wholesale jeweler.[2] He was raised in Barrington Hills, Illinois, as a Christian Scientist.[3] Paulson attained the rank of Eagle Scout in the Boy Scouts of America.[4][5]
A star athlete at Barrington High School, Paulson was a champion wrestler and stand-out football player, graduating in 1964. Paulson received his B.A. in English from Dartmouth College in 1968;[6] at Dartmouth he was a member of Phi Beta Kappa and Sigma Alpha Epsilon and he was an All-Ivy, All-East, and honorable mention All American as an offensive lineman.
He met his wife Wendy Judge, a Wellesley College graduate, during his senior year. The couple has two adult children, sports-team owner Henry Merritt Paulson III, more commonly known as Merritt Paulson, and journalist Amanda Paulson Rollins. The Paulsons became grandparents in June 2007. They maintain homes in Washington, DC, Barrington Hills, Illinois, and Little St. Simon's Island.
Paulson received his Master of Business Administration degree from Harvard Business School in 1970.[7]

[edit] Early career

Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972.[8] He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973, during the events of the Watergate scandal for which Ehrlichman was convicted, and sentenced to prison.

[edit] Goldman Sachs

He joined Goldman Sachs in 1974, working in the firm's Chicago office under James P. Gorter. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998;[9] eventually succeeding Jon Corzine (who went on to become a United States Senator and then Governor of New Jersey) as its chief executive. His compensation package, according to reports, was US $37 million in 2005, and US $16.4 million projected for 2006.[10] His net worth has been estimated at over US $700 million.[10]
Paulson has personally built close relations with China during his career. In July 2008 it was reported by The Daily Telegraph that: "Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country more than 70 times."[11]
In 2004, at the request of the major Wall Street investment houses—including Goldman Sachs, then headed by Paulson—the U.S. Securities and Exchange Commission agreed unanimously to release the major investment houses from the net capital rule, the requirement that their brokerages hold reserve capital that limited their leverage and risk exposure. The complaint put forth by the investment banks was of increasingly onerous regulatory requirements—in this case, not U.S. regulator oversight, but European Union regulation of the foreign operations of US investment groups. In the immediate lead-up to the decision, EU regulators also acceded to US pressure, and agreed not to scrutinize foreign firms' reserve holdings if the SEC agreed to do so instead. The 1999 Gramm-Leach-Bliley Act, however, put the parent holding company of each of the big American brokerages beyond SEC oversight. In order for the agreement to go ahead, the investment banks lobbied for a decision that would allow "voluntary" inspection of their parent and subsidiary holdings by the SEC.
During this repeal of the net capital rule, SEC Chairman William H. Donaldson agreed to the establishment of a risk management office that would monitor signs of future problems. This office was eventually dismantled by Chairman Christopher Cox, after discussions with Paulson. According to the New York Times, "While other financial regulatory agencies criticized a blueprint by Treasury Secretary Mr. Paulson proposing to reduce their stature — and that of the S.E.C. — Mr. Cox did not challenge the plan, leaving it to three former Democratic and Republican commission chairmen to complain that the blueprint would neuter the agency."[12]
In late September 2008, Chairman Cox and the other Commissioners agreed to end the 2004 program of voluntary regulation.

[edit] U.S. Secretary of the Treasury


Paulson (right) with President George W. Bush as his nomination to become Treasury Secretary is announced.
Paulson was nominated on May 30, 2006, by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary.[13] On June 28, 2006, he was confirmed by the United States Senate to serve in the position.[14] Paulson was officially sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006.
Each of Paulson's three immediate predecessors as CEO of Goldman Sachs — Jon Corzine, Stephen Friedman, and Robert Rubin — left the company to serve in government: Corzine as a U.S. Senator (later Governor of New Jersey), Friedman as chairman of the National Economic Council (later chairman of the President's Foreign Intelligence Advisory Board) under President George W. Bush, and Rubin as both chairman of the NEC and later Treasury Secretary under President Bill Clinton.[15]
Paulson identified the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury.[16]
Paulson conceded that chances were slim for agreeing on a method to reform Social Security financing, but said he would keep trying to find bipartisan support for it.[17]
He also helped to create the Hope Now Alliance to help struggling homeowners during the subprime mortgage crisis.[18]
Paulson was known to have persuaded President George W. Bush to allow him to spearhead U.S.-China relations and initiated and led the U.S.-China Strategic Economic Dialogue, a forum and mechanism under which the two countries addressed global areas of immediate and long-term strategic and economic interest.

[edit] Notable statements

In Spring 2007, Secretary Paulson told an audience at the Shanghai Futures Exchange that "An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention."[19]
In August 2007, Secretary Paulson explained that U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades.[20]
On July 20, 2008, after the failure of Indymac Bank, Paulson reassured the public by saying, “it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”[21]
On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae or Freddie Mac.[22] On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.[23]

[edit] U.S. government economic bailout of 2008

Paulson was the designated leader of the Bush Administration's efforts in 2008 to nationalize the cost of bad loans made by financial institutions.
Through unprecedented intervention by the U.S. Treasury, Paulson led government efforts which he said were aimed at avoiding a severe economic slowdown. He pushed through the conservatorship of government agency mortgage giants Fannie Mae and Freddie Mac. Working with Federal Reserve Chairman Ben Bernanke, he influenced the decision to create a credit facility (bridge loan & warrants) of US$85 billion to American International Group so it would avoid filing bankruptcy.
In late September 2008, Paulson, along with Bernanke, led the effort to help financial firms by agreeing to use US$700 billion dollars to purchase bad debt they had incurred.[24] He faced criticism from economists for initially refusing to consider injecting large amounts of cash into financial institutions directly by purchasing stock, an option which other countries in similar circumstances had pursued.[25] This was the option favored by Bernanke, and the one that was eventually followed.[26]
On September 19, 2008, Paulson called for the U.S. government to use hundreds of billions of Treasury dollars to help financial firms clean up nonperforming mortgages threatening the liquidity of those firms.[27] Because of his leadership and public appearances on this issue, the press labeled these measures the "Paulson financial rescue plan" or simply the Paulson Plan.[28]
With the passage of H.R. 1424, Paulson became the manager of the United States Emergency Economic Stabilization fund.
As Treasury Secretary, he also sat on the newly established Financial Stability Oversight Board that oversees the Troubled Assets Relief Program.
Documents obtained by government watchdog group Judicial Watch reveal that in an October 13, 2008, meeting with executives from 9 major American banks, Paulson told bankers that they would be forced to accept government bailout money, whether they wanted it or not.[29] One of the documents, a talking points memo, gave bankers the ultimatum: "If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance." The logic was that if everybody were forced to accept the money, then doing so would destigmatize the process in an attempt to avoid threatening the already-eroded market confidence in some of the weaker banks.

[edit] Conflict of interest claims

It has been pointed out that Paulson's plan could potentially have some conflicts of interest, since Paulson was a former CEO of Goldman Sachs, a firm that may benefit largely from the plan. Economic columnists called for more more scrutiny of his actions.[30] Questions remain about Paulson's interest, despite the fact that he had no direct financial interest in Goldman, since he had sold his entire stake in the firm prior to becoming Treasury Secretary, pursuant to ethics law.[31] The Goldman Sachs benefit from AIG bailout was recently estimated as USD 12.9 billion and GS was the largest recipient of the public funds from AIG.[32] Creating the collateralized debt obligations (CDO's) forming the basis of the current crisis was an active part of Goldman Sach's business during Paulson's tenure as CEO. Opponents[who?] argued that Paulson remained a Wall Street insider who maintained close friendships with higher-ups of the bailout beneficiaries.[citation needed] If passed into law, the proposed bill would have given the United States Treasury Secretary unprecedented powers over the economic and financial life of the U.S. Section 8 of Paulson’s original plan stated: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."[33] Some time after the passage of this bill, the press reported that the Treasury was now proposing to use these funds ($700 billion) in ways other than what was originally intended in the bill.[34]

[edit] Career after public service

Since leaving his role as Treasury Secretary, Paulson has joined the Paul H. Nitze School of Advanced International Studies at Johns Hopkins University as a distinguished visiting fellow, and a fellow at the university's Bernard Schwartz Forum on Constructive Capitalism.[35] His memoir, "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System," was published by Hachette Book Group on February 1, 2010.[36]

References

  1. ^ Fox, Justin (2008-12-17). "Henry Paulson - Person of the Year 2008 - TIME". Time.com. http://www.time.com/time/specials/2008/personoftheyear/article/0,31682,1861543_1865103_1865105,00.html. Retrieved 2009-09-15. 
  2. ^ Battle, Robert (2006-08-23). "untitled". Ancestries of Miscellaneous "Celebrities". Ancestry.com. http://freepages.genealogy.rootsweb.com/~battle/celeb/paulson.htm. Retrieved 2008-10-11. 
  3. ^ Patricia Sellers, Hank Paulson's secret life, The CEO of Goldman Sachs is passionate about banking. But he's also obsessed with snakes, tarantulas, and coral reefs., Public Broadcasting Service, "Wall Street Week with Fortune" feature, December 29, 2003.
  4. ^ Townley, Alvin (2007). Legacy of Honor: The Values and Influence of America's Eagle Scouts. New York: St. Martin's Press. pp. 178–188, 196. ISBN 0-312-36653-1. http://www.thomasdunnebooks.com/TD_TitleDetail.aspx?ISBN=0312366531. Retrieved 2006-12-29. 
  5. ^ Ray, Mark (2007). "What It Means to Be an Eagle Scout". Scouting Magazine. Boy Scouts of America. http://www.scoutingmagazine.org/issues/0701/a-what.html. Retrieved 2007-01-05. 
  6. ^ Belser, Alex (May 31, 2006). "Paulson '68 to lead Treasury". The Dartmouth. http://www.thedartmouth.com/article.php?aid=2006053101010. 
  7. ^ "02138 § Henry Paulson". 02138 - The World of Harvard. http://www.02138mag.com/people/385.htmlM. Retrieved 2008-10-11. "HBS ... MBA 1970" 
  8. ^ a b The Nature Conservancy (2006). Henry M. Paulson, Jr..
  9. ^ Goldman Sachs (2006). Goldman Sachs Group, Inc - Management.
  10. ^ a b Forbes (2006). Henry M. Paulson, Jr..
  11. ^ US faces global funding crisis, warns Merrill Lynch - Telegraph
  12. ^ "Stephen Labaton, "Agency’s ’04 Rule Let Banks Pile Up New Debt" New York Times, October 2, 2008
  13. ^ White House (2006). President Bush Nominates Henry Paulson as Treasury Secretary. Retrieved June 29, 2006.
  14. ^ Associated Press (2006). Senate Approves Paulson as Treasury Secretary.
  15. ^ White House (2006).President Commends Senate for Confirming Henry Paulson as Treasury Secretary. Retrieved June 29, 2006.
  16. ^ The Christian Science Monitor August 3, 2006 New Treasury head eyes rising inequality. Retrieved August 3, 2006.
  17. ^ "Paulson: Social Security Reform Hopes Slim". Reuters, February 3, 2007.
  18. ^ Hope Now Alliance (2007-10-10). "HOPE NOW Alliance Created to Help Distressed Homeowners" (PDF). Press release. http://www.fsround.org/media/pdfs/AllianceRelease.pdf. Retrieved 2008-09-24. 
  19. ^ "China Shuns Paulson's Free Market Push as Meltdown Burns U.S.". Bloomberg.com. 2008-09-24. http://www.bloomberg.com/apps/news?pid=20601087&sid=aCl7bFUJzWRk. Retrieved 2008-09-25. 
  20. ^ Lawder, David (August 1, 2007). "Paulson sees subprime woes contained" ([dead link]). The Boston Globe. http://www.boston.com/business/articles/2007/08/01/paulson_sees_subprime_woes_contained/. 
  21. ^ "Treasury Secretary Insists Banks Are Safe". CBS News. 2008-07-20. http://cbs5.com/national/henry.paulson.economy.2.775329.html. Retrieved 2008-09-23. 
  22. ^ Brinsley, John (August 10, 2008). "Paulson Says No Plans to Add Cash to Fannie, Freddie". Bloomsberg Worldwide. http://www.bloomberg.com/apps/news?pid=20601087&sid=aULVZ2mAF9es&refer=home. Retrieved 2008-09-23. 
  23. ^ Lockhart, James B., III (2008-09-07). "Statement of FHFA Director James B. Lockhart". Federal Housing Finance Agency. http://www.ofheo.gov/newsroom.aspx?ID=456&q1=0&q2=0. Retrieved 2008-09-23. 
  24. ^ Joelle Tessler, Paulson oversees historic government intervention, Associated Press, 2008-09-19
  25. ^ Krugman, Paul, 'Gordon Does Good', New York Times, Oct 12, 2008
  26. ^ Muolo, Paul (2009). $700 Billion Bailout (book). New York: John Wiley and Sons. p. 23. ISBN 9780470462560. 
  27. ^ Sahadi, Jeanne (2008-09-19). "Rescue cost: Hundreds of billions". CNNMoney.com. http://money.cnn.com/2008/09/19/news/economy/paulson_plan_cost/index.htm. 
  28. ^ ""Paulson plan"". Google News search. http://news.google.com/news?hl=en&as_epq=&as_oq=&as_eq=&num=100&lr=&as_filetype=&ft=i&as_sitesearch=&as_qdr=all&as_rights=&as_occt=any&cr=&as_nlo=&as_nhi=&safe=off&q=paulson-plan&um=1&ie=UTF-8&sa=N&tab=wn. 
  29. ^ Lepro, Sara (2009-06-14). "Documents: Paulson forced 9 bank CEOs into bailout". Associated Press (San Francisco Chronicle). http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/05/14/financial/f060259D69.DTL. Retrieved 2009-06-14. 
  30. ^ Herbert, Bob (2008-09-22). "A Second Opinion?". The New York Times. http://www.nytimes.com/2008/09/23/opinion/23herbert.html?hp. Retrieved 2008-10-10. 
  31. ^ White, Ben (2008-09-19). "Details of a Rescue Plan Are Unclear, but Some Already Benefit". The New York Times. http://www.nytimes.com/2008/09/20/business/20winners.html?fta=y. Retrieved 2008-10-10. 
  32. ^ http://www.businessweek.com/the_thread/economicsunbound/archives/2009/03/german_and_fren.html#more
  33. ^ Beck, Rachel (2008-09-23). "Transparency key to bailout success". Associated Press. http://ap.google.com/article/ALeqM5gca54s0LCP-1CIz0sSK5QWjOCzbgD93CKMNG0. Retrieved 2008-09-23. 
  34. ^ Dunbar, John (2008-10-25). "Uses for $700 billion bailout money ever shifting". Associated Press. http://biz.yahoo.com/ap/081025/meltdown_evolving_bailout.html. Retrieved 2008-10-25. 
  35. ^ Fox News (2009). Ex-Bush Team Acclimates to Private Life. Retrieved August 9, 2009.
  36. ^ www.hachettebookgroup.com
  37. ^ Somerville, Glenn (May 30, 2006). "Paulson brings Wall Street luster to Treasury". Yahoo! News. http://news.yahoo.com/s/nm/20060530/bs_nm/economy_paulson_dc_3. 
  38. ^ Heilprin, John (June 2, 2006). "A global warming believer in Bush Cabinet". Associated Press. http://www.libertypost.org/cgi-bin/readart.cgi?ArtNum=144182. 
  39. ^ Treasury Nominee Hank Paulson Needs to Answer Some Questions, Human Events, 2006-06-13
  40. ^ Paulson plans to donate his £410m fortune to environmental causes, The Independent, 2004-01-16


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