Is Hank Paulson Concerned About His Own Money?

[pope42OFdope]

i agree with everything cent said but the natural instinct, we would worry about the money because of our surroundings and the habitat we are forced into

[JackBassbusinessteam]

Paulson is now looking at house builders as the next beaten down group to recover. June 3 news was the increase in new home orders - follow the market leader to market profits.

[jayadsilva67]

Hank Paulson will not care. He has enjoyed life. Now his veins in his dick are clogged so he could not care less.

[dodgedart74]

the bad breath teast video on youtube has 1.6 million hits, and yet this video has... 6 grand. got to love this fuckin planet

[sprogo2]

Good Reporting Young Turks. You are absolutely correct. Keep up the good work

[minaung1]

Wow is this guy an idiot? Next company to go under was Goldman Sachs? LMAO, Oh man you irresponsible idiot, Goldman Sachs was never even close to bankruptcy, that was merryl lynch,citigroup,bank of America (because of Meryll), bear sterns and a shitload of regional and other smaller banks/investment banks that already declared bankruptcy (lehman)

[kaosragnarok87]

just wow. We're being f***ed....

[kuzhinsk]

You are so vociferous, but don't seem to have done research on have an understanding of how these situations work. Specifically, Paulson had to sell his Goldman Sachs stock worth about 500 million, tax free, at probably around 240 a share. This is better for him, than whatever blind trust idea you pulled out of your ass. You are right that he has benefitted himself, but you don't seem to be informed enough to understand how he did it. source: Bloomberg Magazine

[manon99zippy]

Leave it to the crooks of America to socialize investment losses.

Capital gains are worth nothing without a strong dollar. With our national debt exceeding $10Trillion, we are now officially all broke.

Ie, the real tax burden is a mirror of the national debt:

search United_States_public_debt on wikipedia.

Consider the graph for the debt as a % of the GDP. Years 80-92 run amok, years 2000-now, I wonder what the total bill for the republican era will end up costing the US and taxpayers.

[tonylee1973]

this is the best. we are being screwed

[annamk0]

MSG ME ON MSN MESSENGR !!! ID IS jane22fall s

[kuualoha2008]

great video. I just watched the debate between Obama and McCain. They both mentioned that they are going to vote for another Secretary of State to take Hank Paulsons place and who would they have take this place...Is this happening ?

[tonylee1973]

how long should we take this?

[kuualoha2008]

as long as this country is a credit crisis. I think if your a U.S middleclass tax payer..I think there is something to be concerned about. If you listen to this video its saying...hank paulson has a financial interest in wallstreet...therefore he controlled wallstreet to his best advantage...on the account of having a free checkbook on the account of the U.S taxpayers. Do you think this is fair? complain to your senate about what you believe in and just don't sit back and let it happen.

[tikinkss]

Hank Paulson's compensation package from Goldman Sachs, according to reports, was $37 million in 2005, and $16.4 million projected for 2006. His net worth has been estimated at over $700 million. Paulson has personally built close relations with China during his career. In July 2008 it was reported by The Daily Telegraph that: "Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country more than 70 times.

[HarrisonDHaney]

This fellow knows round about the same amount about economics and finance as I do about about brain surgery. Anyone who takes this fellow seriously ought to be embarrassed and he ought to be ashamed.

And, by the by, there was zero chance GS was going to collapse.

Keep your uninformed demagoguery where it belongs -- the union hall.

[therealcaptobvious]

I thought Paulson had $700 million. If he lost $200 million, I don't trust him with the $700 billion.

[playfyte]

Let us look at it from a different point of view. As head of the treasury part of his responsiblities is the enforcement of laws governing economic issues. With so much of his money tied up in wall street investments and taking into account his relationships with so many wall street insiders; does there not seem to be some sort of conflict of interests with such an alarming request for such a large amount of money in such an expeditious manner? How can anyone trust him to do the right thing?

[uneekflower]

FUCKING KICK ASS VIDEO.

(favorited) (voted five stars!)

this is the best!

[Visfen]

How do you fix the problem with the "blind trust"?

I gonna throw out an idea here, tell me what you think about it, what if everything they had were turn over to the government when they got into office in exchange for dollar. If that was the case they wouldn't up' the debt trillions of dollars to generate growth in the indsutries where they have their money. Is that a bad idea?

[antiiraqwar]

th US needs the brains of obaid karki and the iron sheik to overcome these problems!

[RealCaptainAmerica]

Cenk, you are a frickin hero, man!

Obama should make you head of the Ass Kicking Department!

[canucksfan94]

That's a pretty dangerous job. I hear that Chuck Norris is the head of McCain's ass kicking department.

[JBeatty17]

This financial crisis is laden with GOP corruption.

[kxnipt]

It's so obvious for Christ sakes: the money trail to Henry Paulson is paved with Goldman Sachs. The only possible explaination is corruption and fraud of a collosal scale.

[NSU224]

Fraud, fraud, fraud, and more fraud.

[HarryGobbleCock]

Kxnipt, have you really researched this money trail? If so, please describe it to me. I'm interested to learn. Is it more complex than, "paulson earned $500 million whilst working for Goldman Sachs"?

[AVIONBLANC]

Aren't the Chinese buying Goldman?This whole thing is 911 all over again.Give up more and more liberty to get less and less "security". What does that silly Congressman from the 14th Congressional District of Texas,the one Rudi Giuliani kept laughing at,what's his name, what does he say about all this and how long has he said it? Maybe the big government,big business,collectivist, statist,totalitarian congressional folk, no matter which party,get voted out.

[darealdjnutz]

I love how Republicans bitch about welfare all the time.

The Mainstream Media has failed us just as much as the Bush Presidency.

[mattgotballz]

Thinking the same thing. That guy Paulson is looking like a crook to me lying about his motivations. But even if i do believe that he believes that the bailout is the best thing to do, i still dont believe that he knows whats best. B/c altho he might be seen as a financial expert that doesnt really make him an expert on the whole morality issue of this situation. He is concerned about upholding a bubbled up financial market that he believes in b/c he is in that wallstreet mindframe.

[mason3081]

Cenk is on fire for Sept. 23. Nicely done --obviously I knew Paulson is a creature of Wall Street first and foremost, but I hadn't thought about how directly this might affect his assets...

Paul Krugman noted that Paulson recently prevaricated and said that he planned to negotiate with Congress all along. Even though there was a clear-cut 35 word "No oversight, gimme money, that's final" in the initial plan. He may be a capable manager and investor, but his integrity is suspect.

[GretchenDawntreader]

I could have told you it was in a blind trust. Watch CSPAN sometime. It's what people have to have in these situations.

[neilprasad]

are you even aware of what is happening?

[bleunt]

Worrying about money is a natural human instinct? :p

[ec2like]

fuck yeah

[abro420me]

No, it's not, but self preservation is. He didn't say worrying about money is a natural human instinct, but it is a natural human instinct to protect oneself from losses. The most reliable motivating factor in most humans is fear of loss. Sales 101.

[bleunt]

"No, it's not, but self preservation is."

Though it's not like he's being chased by a bear, risking his life. :p I catch your drift, I just wouldn't call it a natural instinct. I'd call it common sense, but not natural.

[lorenzo8500]

The reason why these psuedo news reporters wont mention these things, is because they are told to see no evil hear no evil.  Cenk you really need your own show on a major news network. We need a real voice to speak up for the people.

[thelastemperor909]

dude this guys are not retard, all this rich white people dont give a fuck all they do is move there money to other contrys cuz they know the us banks will soon go out if we continue the way where going @ least thats what i would do if i had millions transfer to a bank out of the usa like spain or something

[malik910]

every time they interview paulson he looks nervous as hell he cant sit still he looks like he has "500 million " reasons to be concerned.

[GrownupPhan]

Yep. Licking his lips like his mouth is chronically dry. Hands with a bit of a tremor. He's definitely not telling the whole story in these public appearances. Bush Admin is trying to use him for some gravitas like they did Powell. Except in this case, Paulson has a big conflict of interest.

[malik910]

warren buffett just pumped some money in goldman sachs hes being asked to look over the 700 billion dollar bailout you know paulson told him im going to pump money in goldman sachs

[12oranges]

No wonder execs still get their billion dollar golden parachutes. It's hush money. They get their bonuses and stay silent on how much politicians/government officials are knee deep in a conflict of interest.

[MKCmobile]

I figured as much... mien fuhrer Paulson.

[swaggajee]

JESUS HUSSIEN CHRIST!!! There must be another way. Bill Clinton on The Daily Show just now said that we should take a look at all the loans and re-adjust the rates or whatever.

That sounds like a sensible thing for the time being.

[TheGiantRobot]

Paulson has 500 million at stake, this is no time to be sensible.

But, yeah, seriously, why don't they just drop the interest rates to 1% so all those people won't default on their loans? It's because they get no bailout if they do that.

[zaca911]

lowering interest rates will devalue the dollar and make things impossible to buy. You would destroy your national credit and be unable to import anything.

Good Advice, Not.

[TheGiantRobot]

Interest rates on those bad variable rate loans, not all interest rates.

[eshfemme]

Yes, there also seems to be a brewing conflict of interest over who would be doing the buying of the debt. Because Wall Street rfuses to say just how much the bad debt is worth and the fact that the oversight board will have its own "consultants" and own budget, it is actually possible that the oversight board of the bailout will be loaded with self-interested Wall Street people like Paulson too.

[vmaramis]

Conflict of interest, what a surprise from this maladministration. I think it is a safe bet to say that the vast majority of the Bush admin officials are crooks by now.

[meekone2007]

Good reporting, It is what it is!!!

[GringaEnMexico]

Come on people, wakey wakey!

[lestliness]

turns out the white house has been working on the bail out for months.

google White House admits to planning bailout for months

[yelobmx]

just like PATRIOT Act... working on it for months (years) and of course no time to read or think just react

this is getting out of hand and surprise, surprise there is an Army devision redeploying from Iraq to NORCOM and be deployed in the USA for October... what do they have planned for the election????

[tidusquall10x]

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