• AIG, Treasury

    Treasury Is Still Considering Conservatorship for AIG

    Bloomberg is reporting that the US is considering a conservatorship for AIG. Their story will follow. If you’re in a rush to get the news, however, you can read our version from three hours ago. UPDATE: Bloomberg’s story is now up. UPDATE: CNBC is reporting that there are doubts at Treasury about the legal authority […]

    / Sep 16, 2008 at 5:06 PM
  • PIMCO, Treasury

    Bill Gross: Bring Out The Bazooka

    Institutional buyers have no more appetite for the debt or preferred equity of financial companies, the manager of the world’s biggest bond fund said in an interview with CNBC’s Erin Burnett. Bill Gross, who manages the $130 billion Pimco Total Return Bond Fund, added that he didn’t expect retail investors had very many funds left […]

    / Sep 4, 2008 at 3:05 PM
  • Treasury

    What Does It Mean When The Treasury Has “No Plans” To Do Something?

    So what’s going on between the Treasury Department and the GSEs? This morning Barron’s said that a government bailout of Fannie Mae and Freddie Mac was becoming more likely, in part because the mortgage giants were unlikely to be able to raise enough money in the open markets. The Treasury kinda-sorta put down the idea, […]

    / Aug 18, 2008 at 4:48 PM
  • Fannie Mae, Treasury

    Why Did The Treasury Hire Morgan Stanley?

    Last week we learned that the Treasury Department, shortly after receiving authority to help shore up Fannie Mae and Freddie Mac, hired Morgan Stanley to advise it on the rescue plan. While the Treasury is only paying Morgan Stanley a $94,000 fee for the transaction, Morgan’s role here still raises serious questions. First and foremost: […]

    / Aug 13, 2008 at 1:30 PM
  • Treasury

    Treasury Official To Investment Banks: The Fed Window Is Temporary!

    The special Federal Reserve borrowing facility for Wall Street securities firms is only temporary, a top Treasury official said Wednesday. Robert Steel, US Treasury undersecretary for domestic finance, stressed the word “temporary” in his remarks on the facility to the Wall Street Journal’s dealmaking conference on Wednesday. The new discount window that allows securities firms […]

    / Jun 13, 2008 at 12:39 PM
  • Fed, Treasury

    Treasury Official Hints That New Fed Facility Might End

    Just one day after Merrill Lynch chief John Thain urged that the Federal Reserve borrowing facility for securities firms be made permanent, a treasury official sounded the warning that this new investment banking borrowing window may be closed when it ends its initial run in September. Under Secretary Robert Steel, whose bailiwick covers the domestic […]

    / Jun 11, 2008 at 2:24 PM
  • CFTC, Hank Paulson, Treasury

    CFTC Big To Treasury: Drop Dead

    Treasury Secretary Hank Paulson’s “blueprint” for revamping the financial regulatory system is already coming under fire from powerful agency heads. As early as Friday, even before the details of the plan were widely-known, the plan was lambasted by John Reich, the director of the Office of Thrift Supervision, which oversees the savings and loan industry. […]

    / Mar 31, 2008 at 3:25 PM
  • Treasury

    Dumping Our Regulatory Alphabet Soup

    It’s often been said that we’re in the worst financial crisis since the 1930s. So perhaps its no surprise that we seem on the verge of the biggest financial regulatory overhaul since the Great Depression. But we certainly didn’t expect anything this sweeping to come out of the Bush administration. We clearly underestimated these guys. […]

    / Mar 31, 2008 at 9:05 AM
  • Banks, Citicorp, Regulators, The Entity, Treasury

    Too Big To Be Deregulated?
    As Big Banks Teeter On Edge Of Abyss, Government Regulation May Rise Again

    The Treasury’s Entity is seen as a Citigroup bailout by lot of people for the very simple reason that it is a Citigroup bailout. That might not be the only thing it is, but stupid is as stupid does, and one thing this stupid thing does (or will do, if it ever gets off the […]

    / Nov 5, 2007 at 1:02 PM
  • Hedge Funds, Treasury

    The Moral Hazard of Hedge Fund Regulation

    The government cannot effectively regulate the hedge fund industry and it’s a good thing too, Robert Steel said yesterday. The setting was a Manhattan Institute conference. Steel, a former Goldman Sachs executive who is now the Treasury Department’s top domestic finance official, raised two original arguments against hedge fund registration and regulation. Since this is […]

    / Apr 27, 2007 at 9:33 AM
  • Goldman Sachs, Hank Paulson, NYSE, Treasury

    From The Desk Of Hank Paulson

    Duncan, I’m starting to get what you’re saying about these damn jabronis. Viva la hybrids! Best, H

    / Apr 3, 2007 at 12:56 PM
  • Hedge Funds, Henry Paulson, Regulators, Treasury

    Hank Tanks Talk Of Global Hedge Fund Regulation: Tell Germans To Shove It

    We were getting a bit worried that the apparent silence coming from US officials in the face of calls by various Europeans for international hedge fund regulation was a sign of acquiescence to the terrible idea. Fortunately, Henry Paulson swatted down the talk of hedge funds and private equity as “locusts” in need of international […]

    / Feb 12, 2007 at 11:02 AM
  • Business Media, Henry Paulson, SOX, Treasury

    Paulson Either Did Or Didn’t Say Something Yesterday

    Paulson makes case for tougher enforcement of securities laws Boston Globe, November 21, 2006 Paulson says need to apply business rules lightly Reuters, November 21, 2006 Just as long as those guys in Washington are giving the market clear signals.

    / Nov 21, 2006 at 10:03 AM
  • admin, Hank Paulson, Treasury

    Paulson Twenties Contest Still Running

    Speaking of Hank Paulson, has anybody seen the new Paulson twenties yet? Last month we noted that the first bills bearing the new Treasury Secretary’s signatures were rolling off the presses and into circulation. And we announced a contest: the first person sending in a photo of themselves holding up a Paulson twenty wins a […]

    / Nov 13, 2006 at 1:17 PM
  • Hank Paulson, SOX, Treasury

    Hank Paulson Delivers Another Blow to Sarbanes-Oxley

    Our heads are still aching from drinking one (okay, three or four) too many margaritas in honor of Jeff Skilling, the guy at the helm when Enron hit the iceberg of its financial gambles who yesterday got hit with a sentence of 24-years or life (whichever comes first). So it is comforting this morning to […]

    / Oct 24, 2006 at 2:51 PM
  • Hank Paulson, real estate, Treasury

    Paulson’s Move To DC Still Paying Off

    Hank Paulson got a pretty sweet leaving package when he stepped down from running Goldman Sachs to take the job as George Bush’s Treasury Secretary. And now his move down to Washington, DC is looking even sweeter. Eight million dollars sweeter. U.S. Treasury Secretary Henry Paulson, the former chief executive officer of Goldman Sachs Group […]

    / Oct 23, 2006 at 2:27 PM
  • Goldman Sachs, Hank Paulson, Treasury

    Man of Steel At Treasury

    It’s all Goldman Sachs all the time at the Treasury Department these days. Former Goldman CEO Hank Paulson is bringing Goldman senior director Robert Steel on board the good ship Treasury as undersecretary for domestic finance. Steel started in the equities division at Goldman, and eventually rose to run the group. He was served on […]

    / Sep 6, 2006 at 12:09 PM
  • Hank Paulson, Treasury

    It’s like liveblogging, only more boring

    A transcript of Hank Paulson’s talk with Maria Bartiromo was published in The Wall Street Journal. Looking back on our morning of bourbon bets and liveblogging, we think we did a damn good job of conveying the spirit of Paulson’s words. But if you absolutely have to know exactly what our Treasury Secretary said, feel […]

    / Aug 4, 2006 at 2:40 PM
  • China, FOREX, Treasury

    Two Senators Who Don’t Want To Become Chinese

    Senators Charles Schumer and Lindsey Graham are long-time China hawks, and most recently have been threatening China with tariff sanctions if it won’t adopt a flexible exhange rate for its currency. Today they are meeting with Treasury Secretary Hank Paulson, who is viewed as friendly toward China. Or, to revert to more typical DealBreaker parlance, […]

    / Jul 26, 2006 at 11:04 AM
  • Treasury

    Will Hank Paulson Help Out The Online Gamblers?

    Yesterday we learned that a federal grand jury in the Eastern District of Missouri had returned indicted 11 individuals and four corporations connected with the online gambling business on various charges of racketeering, conspiracy and fraud. The founder of, Gary Stephen Kaplan, was dramatically arrested while changing flights on a trip from the UK […]

    / Jul 18, 2006 at 9:38 AM
  • Treasury

    Live Blogging the Hank Paulson Swearing In Thingy

    Hank Paulson is getting sworn in as Treasury Secretary today. We’ll be liveblogging the event. 11:10. Late already. Hank is already operating on Washington, DC time. 11:15. President takes the podium. He’s looking a bit shaggy. Solid red-tie. What does that symbolize? [Continued after the jump]

    / Jul 10, 2006 at 11:16 AM
  • Treasury

    Paulson Gets Senate OK

    Hank Paulson’s nomination as Treasury Secretary was confirmed by the Senate yesterday. Bloomberg fills us in on why his confirmation hearings were so ‘effin boring. The cautious approach in testimony to the Senate Finance Committee June 27 and in responses to written questions likely was planned to avoid disrupting markets before Paulson, 60, digests all […]

    / Jun 29, 2006 at 10:43 AM
  • Treasury

    Hank Moves One Step Closer to Working For Dubya

    Hank Paulson gets the nod from the Senate Finance Committee. The Senate Finance Committee on Wednesday approved Henry Paulson’s nomination to become treasury secretary and sent it to the full Senate for a vote that is likely to come fairly quickly. The committee approval came after a nomination hearing on Tuesday where Paulson faced scant […]

    / Jun 28, 2006 at 2:44 PM
  • Treasury

    Hank Paulson To Sell Goldman Stock

    Outgoing Goldman Sachs CEO, Hank Paulson, plans to sell his shares in Goldman Sachs, according to published reports. A March regulatory filing valued Paulson’s shares at $485 million. The oddest thing about the report is that Paulson’s filings with the government ethics office disclose his total worth at $164 million because the magical accounting of […]

    / Jun 22, 2006 at 9:03 AM
  • Attorney General, Eliot Spitzer, Executive Pay, Goldman Sachs, Henry Paulson, NYSE, Treasury

    It’s Always 2003 Somewhere

    Just when he thought he was getting out, they pull him back in. In this case, it’s Hank Paulson who thought he was getting out–the outgoing head of Goldman Sachs is preparing to leave Wall Street for his new role as the next Treasury Secretary–and Richard Grasso, the former boss of the NYSE, who may […]

    / Jun 20, 2006 at 10:15 AM
  • Goldman Sachs, Treasury

    Bush Administration Officials Annoyed at Paulson

    A DealBreaker source connected to the White House reports that some high-level members of the administration are annoyed by reports that Hank Paulson continues to play a role in talks to split the presidency of Goldman Sachs. Paulson, the CEO and chairman of Goldman, was recently nominated by George Bush to succeed John Snow as […]

    / Jun 12, 2006 at 10:03 AM
  • Treasury

    The Hank Paulson Hedge Fund?

    Daniel Gross points out on Slate today that Treasury nominee Hank Paulson might have a problem divesting himself of his Goldman shares. Or, rather, he might not have doing anything with all the money he’d make from the sale. There’s too much of it! Once he sells, Paulson—or whoever will manage his blind trust—will have […]

    / Jun 6, 2006 at 12:42 PM
  • Goldman Sachs, Treasury

    Tinker, Tailor, Soldier, Treasury Secretary

    This morning’s New York Times carries the story of John F. W. Rodgers, chief of staff to Hank Paulson at Goldman. He’s the guy who gets things done for the top men. You have to sort of love guys like Rodgers. It’s either “love” or “fear” and we forget which. Friends of Mr. Rogers, who […]

    / Jun 2, 2006 at 10:32 AM

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