Basically, Paulson admitted that he unlawfully forced Ken Lewis to acquire Merrill Lynch, but he also wants us to believe that saving his $700,000,000 stake in Goldman, and stealing the USD-holder blind to bailout his friends "saved this nation from a great peril". There should limits to lies and perjure... And also, he believes that we should thank him for his unlawful actions. As if a $700,000,000 for himself and $870,000,000,000 for his friends were not a good enough reward already.
July 15, 2009 (AP) -- Defending the government's handling of the economic crisis last year, former Treasury Secretary Henry Paulson said Wednesday that the Bush administration's responses were not perfect but "saved this nation from great peril."Here's another report:
"Our responses were not perfect ... But, having had the benefit of some time to reflect, and to consider views expressed by others, I am confident that our responses were substantially correct and they saved this nation from great peril," Paulson wrote.
Paulson also defended himself against allegations that he and Federal Reserve Chairman Ben Bernanke pressured Bank of America Corp. into acquiring Merrill Lynch, despite mounting financial losses at Merrill that were ultimately absorbed by Bank of America stockholders.
Bernanke has denied threatening to oust Bank of America CEO Kenneth Lewis if he abandoned the takeover.
Paulson said he told Lewis that reneging on the promise to purchase Merrill would show "a colossal lack of judgment." He then pointed out to Lewis that the Fed could remove management at the bank if it saw fit, he said.
"By referring to the Federal Reserve's supervisory powers, I intended to deliver a strong message reinforcing the view that had been consistently expressed by the Federal Reserve, as Bank of America's regulator, and shared by the Treasury, that it would be unthinkable for Bank of America to take this destructive action for which there was no reasonable legal basis and which would show a lack of judgment," Paulson said.
Paulson said he believed his remarks to Lewis were "appropriate."
On Thursday July 16 WASHINGTON (AP) Paulson, testifying for the first time since leaving office in January after putting in place a $700 billion bank bailout program, was defiant in his response and admitted no wrongdoing.I suggest watching this 6min video clip of John Paulson's hearing (Dennis Kucinich questioning). Hank Paulson, who was CEO of Goldman Sachs and Secretary of the Treasury Department of the US is unable to answer simple questions (keeps on blablablablabla but he's not making any sense) and also doesn't know what is lawful and what isn't. He is obviously avoiding to answer the questions and keeps on lying when pushed. The blablablabla finishes at 4min45 where he states that he doesn't know what is legal and what isn't...
"No one was tougher than I was in trying to protect the American taxpayer," he told the House Oversight and Government Reform Committee.
"I know how terrible it is, I'm telling you it would have been worse" had the government not intervened, Paulson said.
Kaptur, who voted against the bailout program, responded: "If that's your best argument, that's not good enough."
Paulson said he believes his handling of the crisis, including the Merrill Lynch deal, was appropriate and saved the nation from "great peril." He told the panel that had the government not intervened and promised the cash cushion to banks, the economy would be much worse.
On the Bank of America bailout, Paulson said he would be "very optimistic that the taxpayer would get all that money back with a profit."
The US have become the most corrupt country on the planet. At least, in Iran, China or Russia, you know that free speech and rule of law do not exist whereas most people in the world do not know that it is the same in the US. That's what makes it even worse for the US citizens, who have been robbed blind in the past 20 years.