Why Was Paulson Calling Goldman Sachs So Much?

The NY Times has an interesting article wondering about Henry Paulson's many calls to his former company, Goldman Sachs, while he was Treasury Secretary and overseeing bailouts. Sure, Paulson had sold his shares and obtained ethics waivers, but the Times reports, "During the week of the A.I.G. bailout alone, Mr. Paulson and Mr. Blankfein spoke two dozen times, the calendars show, far more frequently than Mr. Paulson did with other Wall Street executives. On Sept. 17, the day Mr. Paulson secured his waivers, he and Mr. Blankfein spoke five times. Two of the calls occurred before Mr. Paulson’s [ethics] waivers were granted." Lawyer and former executive director of the NY State Commission on Government integrity Peter Bienstock said, "If it can happen on a phone call and can happen without public scrutiny, it destroys the standard because then anything can happen in that fashion and any waiver can happen." Paulson's apparently busy writing a memoir, so he didn't comment.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on August 9, 2009 11:52 AM

Comments [rss]

Rocknrope

And oh gee, look, Goldman posted it's richest quarterly profit in its 140-year history last month. Go figure.

Larry Slade

He is a vampire:

Let's Give it to The Bankers

ides_of_march

He was calling GS so much for the obvious reason: he was STILL working for them. His official title may have been US Treasurer, but he was surely doing the bidding of GS.

I have no doubt he was well rewarded by his old company for his stellar work after he left his relatively low-paid government job.

NannyState

Maybe this is why he's referred to as "former Treasury Secretary"?

longacre

Former because his boss's term was up.

Felix Hoenikker

I don't recall that his replacement reversed any of his decisions.

They are all shameless whores, regardless of party affiliation.

Spirit of 76

It was the Bush administration. Is anyone surprised?

McFister

He should right his memoir from prison.

Mr Mel

Write on,brother.

Bubba

Henry Paulson and ethics are mutually exclusive...

drewo

or this

Americans Want Federal Reserve’s Secret Shenanigans Exposed

drewo

All the more reason to support Ron Paul's bill (Audit the Fed bill, H.R. 1207) that would shed some light on this shadowy organization we call the Federal Reserve.

Americans">http://www.americanfreepress.net/html/federal_reserve_s_secret_188.html>Americans Want Federal Reserve’s Secret Shenanigans Exposed