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Wednesday, September 24, 2008

Who is in Charge?

Sorry to do this again but it is really on my mind.

Ok, so one of the guys who wants $700 billion dollars as soon as possible to bail out the rich investment banks who greedily took on too much debt was, not too long ago, one of those people we are bailing out. Man this is the fox watching the hen house.

This man, Paulson, was the CEO of Goldman Sachs Group (GS) for 8 years and was with the company for 15 years during the build up to this crisis (that no one saw coming). Over one five year time he received in compensation over $46.74 million dollars. No wonder he is fighting salary caps for executives.
*Remember Goldman Sachs is the one company that Warren Buffet has given $5 billion dollars to keep a float.

In fact, as written in an article by Slate when Paulson was nominated for this current position.

Not since Nelson Rockefeller served as vice president during the Ford administration has a senior government official arrived in Washington with such a high net worth. Paulson owned some 4.58 million shares in Goldman Sachs (including restricted stock) worth about $700 million...and surely has millions more in other instruments.
Of which he had to liquidate or put into a blind trust, but he is certainly not hurting from this "crisis".
So now he wants us to give $3,000 for every person in our household to bail about a Wall Street crisis which he helped to create...let's see him cough up some of his net worth first. I see him having very little skin in the game but being very belligerent with Congress.

The first thing that should be done is to throw this guy out!

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1 comment:

Sydney S. Cohen said...

Even though I came to your blog regarding the grant I'm developing, I was pleased to read your comments on our country's current economic crisis and the blatantly unacceptable approach to resolving it being proffered by Paulson, GWB, et al.