Was Paulson on Goldman Sachs’ payroll when the US government bailed out his former employer?

Makes you want to think... If so, Paulson's financial records need to be subpoenaed....

Henry Paulson at a House hearing last month questioning his relationship with the firm he led, Goldman Sachs. He spoke to its chief 24 times in six days.

Before he became President George W. Bush’s Treasury secretary in 2006, Henry M. Paulson Jr. agreed to hold himself to a higher ethical standard than his predecessors. He not only sold all his holdings in Goldman Sachs, the investment bank he had run, but also specifically said that he would avoid any substantive interaction with Goldman executives for his entire term unless he first obtained an ethics waiver from the government.

But today, seven months after Mr. Paulson left office, questions are still being asked about his part in decisions last fall to prop up the teetering financial system with tens of billions of taxpayer dollars, including aid that directly benefited his former firm. Testifying on Capitol Hill last month, he was grilled about his relationship with Goldman.

“Is it possible that there’s so much conflict of interest here that all you folks don’t even realize that you’re helping people that you’re associated with?” Representative Cliff Stearns, Republican of Florida, asked Mr. Paulson at the July 16 hearing.
Read on.

Update: Looks like Hank has turned to the auto industry for profit: Electric car’s connection to Goldman Sachs.

Coda Automotive plans to have its car on the market (initially only in California) in 2010.

NY Times blog:

Coda recently announced that it had raised $24 million, with an undisclosed portion coming from its new advisory board member, Henry M. Paulson, the former Treasury secretary, who, before that role, was the chairman and chief executive of Goldman Sachs.

Coda’s chief executive, Kevin Czinger, is a former Goldman Sachs executive director, leaving in 1995. Mr. Czinger said in an interview that he brought Mr. Paulson into the company because he had “an interest in the environment and in China, plus he saw the business opportunity.”

Coda’s co-chairman, Steven Heller, is also a Goldman Sachs man. Until his retirement in 2002, he had served as the head of global mergers and acquisitions at Goldman Sachs and reported to Mr. Paulson. “He was my boss for many years, and I’ve known him for 20 years,” Mr. Heller said in an interview. “He’s a tough, rational investor who understands our business model and our strategy and wants to be part of it.”