This quote, from Newsweek's piece on former Treasury Secretary Hank Paulson, strikes me as a bombshell:
Paulson--by his own admission--was not paying much attention to the way banks were slicing and dicing mortgages and selling them as complex securities.
"I didn't understand the retail market; I just wasn't close to it," he told NEWSWEEK.
If Newsweek won't play prosecutor, I will: "Hank Paulson, you were Goldman's chief executive as mortgage securities boomed in 2004-5. Your earned an incredible severance, partly because of it. And you say you didn't understand mortgage securities? How is that remotely possible?"
Read on.
Read on.
1 comment:
Anyone could see Hank knew nothing about Economics or Math. Hank was a CEO and just went to dinners and golf courses to talk about stuff. He is good at having a drink but just don't ask or talk numbers. Hank has the young employees of Goldman Sachs do the work and he couldn't even explain what they wrote for him to say on the piece of paper.
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