Paulson is doing a very good job at this point with the cards that are on the table.
Sure considering he helped STACK THE DECK and wants to do all the dealing now.....
Paulson has surrounded himself with former Goldman executives as he tries to navigate the domino-like collapse of several parts of the global financial market. And others have gone off to lead companies that could be among those that receive a bailout.
In late July, Paulson tapped Ken Wilson, one of Goldman?s most senior executives, to join him as an adviser on what to about problems in the U.S. and global banking sector. Paulson?s former assistant secretary, Robert Steel, left in July to become head of Wachovia, the Charlotte-based bank that has hundreds of millions of troubled mortgage loans on its books.
Goldman Sachs cashed in under Paulson, with earnings in 2005 of $5.6 billion; Paulson made more than $38 million that year. A 2005 annual report shows that ?Goldman was still a significant player? in issuing mortgage bonds. The conflict of interest is increasingly clear today, as Bloomberg reports that ?Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries? of Paulson?s bailout plan:
Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries of the $700 billion U.S. plan to buy assets from financial companies while many banks see limited aid, according to Bank of America Corp.