The Mudcat Café TM
Thread #119159   Message #3004613
Posted By: Amos
11-Oct-10 - 02:45 PM
Thread Name: BS: The Bush Years In Retrospect
Subject: RE: BS: The Bush Years In Retrospect
"...Ever wonder why Goldman-Sachs CEO Henry Paulson took that low-paying government job as Dubya's Treasury Secretary? Think it was to nobly serve his country? Gary Gordon of McClatchy News: while Goldman CEO, "Paulson had presided over the firm's plunge into the business of buying up subprime mortgages ... and then repackaging them into securities.... During Paulson's first 15 months as the treasury secretary..., Goldman unloaded more than $30 billion in dicey residential mortgage securities ... and became the only major Wall Street firm to dramatically cut its losses and exit the housing market safely. Goldman also racked up billions of dollars in profits by secretly betting on a downturn in home mortgage securities." Experts say it's obvious Paulson's inaction at Treasury was designed to maximize Goldman profits despite the disastrous consequences for the markets & the American economy. CW: and Paulson will never suffer any consequences...." (Realitychex.com)