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Friday, October 03, 2008

Crooks - all of them

Critics of Paulson's effort to put together a financial bailout worry that the he is getting too much of his advice from aides who were his colleagues at Goldman Sachs, where he was the CEO before joining the Bush administration in 2006. Paulson has recruited three former Goldman execs—Ken Wilson, Ed Forst and Dan Jester—in recent weeks to help him create and execute a bailout plan. A fourth, retiree Steven Shafran, is one of Paulson's "senior advisers." Treasury spokeswoman Michele Davis said Wilson and Jester joined Treasury as advisers in August; Forst, who left Goldman this summer to become a senior administrator at Harvard, joined Paulson's crisis squad in September. "This is a time when the American people need all the experts at Treasury that they can get," Davis said, adding that the ex-Goldmen are getting paid "de minimis" as "contractors." A senior commercial banker, who asked for anonymity discussing bailout politics, said that the relationship between the investment business, which will be a major beneficiary of any bailout, and the Treasury team is "very incestuous." A GOP congressional adviser, who also asked for anonymity, said Paulson's Goldman-heavy kitchen cabinet "narrow[s] their window of input."

Nobody mentioned conflicts of interest, so I will. This is a crock of shit and it stinks.
Posted by ALD at 1:18 PM

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ALD
I'm a veteran of two careers - high school math and physics teacher, retirement consulting actuary - who is now enjoying the pleasure of staying at home for my daughter. (My avatar is in honor of Will Durant, whom I consider the last true sage.)
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Chartered Financial Analyst, 2006

Chartered Financial Consultant, 2005

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