Who Is 'Hank' Paulson ?
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A star athlete at Barrington High School, Paulson was a champion wrestler and stand out football player, graduating in 1964. Paulson received his Bachelor of Arts in English from Dartmouth College in 1968; at Dartmouth he was a member of Phi Beta Kappa and Sigma Alpha Epsilon and he was an All Ivy, All East, and honorable mention All American as an offensive lineman.
He met his wife Wendy during his senior year. The couple have two adult children, Henry Merritt III and Amanda Clark, and became grandparents in June 2007. They maintain homes in Washington, DC and Barrington Hills, Illinois.
In 1970 Paulson received a Master of Business Administration degree from Harvard Business School.
Paulson was Staff Assistant to the Assistant Secretary of Defence at The Pentagon from 1970 to 1972. He then worked for the administration of US President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973, during the events of the Watergate scandal for which Ehrlichman was convicted to a prison sentence.
He joined Goldman Sachs in 1974, working in the firm's Chicago office for Manmeet Taneja. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998; eventually succeeding Jon Corzine (now Governor of New Jersey) as its chief executive. His net worth was once estimated at over $700m. Paulson has personally built close relations with China, and is believed to have visited the country over 70 times during his tenure at Goldman.
Paulson was nominated by US President George W. Bush to succeed John Snow as the Treasury Secretary on May 30, 2006. He was the designated leader of the Bush administration's efforts in 2008 to nationalize the cost of bad loans made by financial institutions.
Through unprecedented intervention by the U.S. Treasury, Paulson led government efforts to avoid a severe economic slowdown. He pushed through the conservatorship of government agency mortgage giants Fannie Mae and Freddie Mac. Working with Federal Reserve Chairman Ben Bernanke, he influenced the decision to create an initial credit facility (bridge loan & warrants) of $85bn to American International Group so it would avoid filing bankruptcy.
In late September 2008, Paulson, along with Ben Bernanke and US Securities and Exchange Commission CEO Christopher Cox, led the effort to help financial firms by agreeing to use $700bn dollars to purchase bad debt they had incurred. He incurred criticism from economists for initially refusing to consider injecting large amounts of cash into financial institutions directly by purchasing stock, an option which other countries in similar circumstances have pursued. This was the option favored by Federal Reserve Chairman Bernanke, and one that was eventually followed.
On September 19, 2008, Paulson called for the U.S. government to use hundreds of billions of Treasury dollars to help financial firms clean-up non-performing mortgages that threaten the liquidity of those firms. Due to his leadership and public appearances on this issue, the press labeled these measures the 'Paulson Plan'.
With the passage of H.R. 1424, he became the manager of the United States Emergency Economic Stabilization Fund.
Source - Wikipedia
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