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The Paulson Ethics Waiver
Presented is the recusing ethics waiver that allowed Hank Paulson free reign to do as he saw fit when bailing out Goldman Sachs. The next question is whether Mr. Fred Fielding recused himself of recusing Hank, and just what authority he was granted by the president to allow such unprecedentedly conflicted individuals as the former CEO of Goldman Sachs to do everything in his power to not only place unlimited collect calls into Lloyd Blankfein's office but to make sure that Goldman was the primary beneficiary of all the banking cataclysms of 2008.
Perhaps Messrs. Fielding and Paulson can disclose just what "fraction of his overall investment portfolio" is still represented by his defined benefit pension plan through Goldman Sachs. Also, if the former Secretary of the Treasury could maybe quantify the reputational impact of having his former company going down in flames, as a direct result of balance sheet and risk practices that are a legacy of his time there, and what the opportunity cost to him relative to the taxpayer was (and it was the latter's capital that bailed out Goldman), that would be very much appreciate by all.
And here is the original "Ethics" agreement sent by one Henry M. Paulson, Jr., to John Schorn, Deputy Assistant General Counsel and Designated Agency Ethics Official, highlighting all his incoming conflicts of interest as he was set to become the taxpayer solicitor general.
Source: Talking Points Memo and h/t Ed
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FASCISM....AMERICAN STYLE
NOTHING MORE....NOTHING LESS....
WHAT COLOR IS A WHITE HORSE ?
LOSER'S LOSSES PONIED ON THE BACKS OF AMERICA'S GREAT GREAT GRANDCHILDREN, AND ALL INBETWEEN....
GS SHOULD HAVE 10 CENTS/$....NOT 100 VIA AIG....
FASCIST LEGAL LARGESSE AT IT'S FINEST HOUR....
JUSTICE IS FOR THOSE THAT CAN PAY THE RIGHT PEOPLE IN THE USA....
All the talking heads are showing town meetings, the people(bless their hearts) are argueing about healthcare. Who is going to be able to pay for it anyway. That is all part of the plan. Keep the masses talking about things that do not matter right now. As Donald Sutherland said in "JFK"..."Follow the money, who had the means and who benefited"
Here is another item you will not see on mainstreet media that took place yesterday. Whistle blower Sibel Edmonds Testifies:
http://vodpod.com/watch/2027789-whistleblower-sibel-edmonds-finally-testifies-under-oath
This is what needs to be talked about at town meetings!
It’s like what Lenin said. . .you look for the person who will benefit, and, uh, uh. . .
1. (used with a singular or plural verb) a system of moral principles: the ethics of a culture.
We just can not compete with the vast amounts of money being used to influence decisions. The Rich says"
good articles; good finance articles
Tyler Durden please make this "handsOfMoney" poster go away. He keeps advertising his "ned" site and not posting anything useful. Thanks!
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I like your ideas and thoughts. While chat and sohbet with my friends talking about it.
Tyler
In the original document Paulson says that he will not do anything in regards to GS.
I cannot read the second document.
Did an lawful abrogation of the original document occur?
Our justice system is entirely based on sympathy. Fascism is entirely based on marginalizing and brutalizing components outside the sympathy circle. Then you take various components of the excluded circle and pretend to be sympathetic to them allow them to win a bit to build a perception of fairness. All while getting paid because you aren't actually giving them anything that isn't already thiers. You're in a sense controlling by saying when and how and why fairness is allowed. In fact legal and spiritual language and concepts get intertwined when you discuss "wholeness". Wholeness doesn't exist for everyone it only exists when the courts say it exist or it can be manipulated out of the people. it goes to controlling barriers. When your resources are needed we are all in this together. When your resources have been gathered up it's all mine mine mine. By simply controlling the barriers and sympathy you control the whole thing and you can live without barriers while forcing barriers on everyone else. People then stop fighting the government because there becomes a hidden underlying controlling force of we don't give a damn between the inner group and outer group. That is kept in place until it breaks down enough to allow short brief periods of pretending to give a damn which relaxes the counter forces then it's back to trying to force the people into accepting the calloused uncaring as normal. Illusions of progress, illusions of it's going to be worth it in the end. But it keeps on going.
When we try to exert equality of control and make these jackasses live up to our expectations. They are fullly aware of those expectations and pay lip service to them or maybe give in just a little for a while. This rally is that. Ok we've cleaned out enough of the corruption let's go back to normal.
There used to be a curse that affected every president in the US every 20 years. It's called the curse of Tippecanoe. That curse was broken with Ronald Reagan. So the events after that appear to confirm that it's clear that being unsuportive is not enough. You have to directly show ill will towards these forces. So spend a little time jumping up and down on Bernake's chest to let him know what you think of him. Take a stroll through Goldman-Sachs everyday knocking heads off with a sledge hammer and attempting to pound people into floor. These little mental exercises are more powerful than you might imagine. I think this callousness needs to be tested to see just how real it is.
Nice catch, worth waiting for
Now the real question: does Geithner have the same letter on file? Who signed it? Where is the legal authority attributed?
Mr Durden,
You deign to use the words Paulson, Goldman, and ethics in the same sentence? Sir, that is a profane abuse of your protected right to free speech.
Does anyone know if it's possible for someone to bring a qui tam action against Paulson for fraud against the government, since the money he made while at Goldman, and the money Goldman made while he was at Goldman, was based on all these fraudulent mortgage instruments that only had value because of the implicit government guarantee of GSEs, which Paulson himself made explicit as Secretary of Treasury, and in which post he lied to Congress to expropriate a bunch of newly printed money to funnel to his co-conspirators at Goldman and AIG? I wouldn't be surprised if he'd RATHER everyone focus on his phone calls to his buddies. But were they to advance and fine tune the conspiracy? (BTW, qui tam laws were instituted in the civil war to allow citizens to file lawsuits on behalf of the government against companies that were defrauding it.)
AND WHY DID PAULSON TAKE THE GOVT. POSITION....????
NO TAXES ON GS STOCK SALES....
READ THIS....
http://www.forbes.com/2006/06/01/paulson-tax-loophole-cx_jh_0602paultax.html
IN YOUR FACE FASCISM....
Those schmucks at Bloomberg were laughing when they reported on the approx. $250 million in tax savings taking the treasury job had given Stealin´ Hank and saying that they had wondered why Paulson would have even taken the job.
Anon 32782, I would say there is only one way to find out, although my efforts to secure council to sue the SEC for willful negligence and fraud on the American people has not gained much traction, which is not to say I have given up... But I would suggest it is inherently an uphill battle, Sisyphus comes to mind.
Govt would have to be invited to join the suit; they would decline; and it would be you against Paulson/Goldman.
It is possible but do you think Tyler Durdurrr will do it? He won't even publish blog articles in his own name. But many hope he is like the cowardly lion on the yellow brick road. On a journey of discovery.
http://www.powerlineblog.com/media/archives/cowardlylion.jpg
yea like you posted under your name you old sh*t
max keiser was looking to do something similar( sue the fed)..maybe you can join forces with him
Is that you again Hank(y) (Panky) Paulson?
You don't get it. Posting under one's own name only invites criticism of the individual and attempts at character assassination.
But in the words of 'V': I am an idea, and ideas cannot be killed.
... and one cannot help but notice that you posted anonymously.
+10
As always Cheeky you're posts are insightful and appreciated.
+10 indeed.
Maybe they need help with the definition of ethics:
–plural noun
1. (used with a singular or plural verb) a system of moral principles: the ethics of a culture.
2. the rules of conduct recognized in respect to a particular class of human actions or a particular group, culture, etc.: medical ethics; Christian ethics.
3. moral principles, as of an individual: His ethics forbade betrayal of a confidence.
4. (usually used with a singular verb) that branch of philosophy dealing with values relating to human conduct, with respect to the rightness and wrongness of certain actions and to the goodness and badness of the motives and ends of such actions.
This is totally off topic (if there is a place to put off-topic messages, please let me know), but CNS filed to do a huge secondary, with 10 million primary shares and 12 million shares sold by insiders.
There is forum with hundreds of reader created topics.
Ok. I just didn't want it to get lost in the shuffle. I know this name in particular has been near and dear to your heart, and figured you were either too jammed up to have caught it or are preparing a post (I guess we now know at least one of the motivations bid up every single REIT).
Attention RobotTrader. Maybe you would consider starting a chart analysis forum? Emphasis on analysis.
And you wanna know who the "selling shareholders" are that total 12 million?
Martin Cohen - 6 million shares
Robert H. Steers - 6 million shares
Once the two are through dumping, they will have more than halved their original holdings.
It's a pretty bold thing to add 10 million in new shares to the mix-- but the pattern really isn't that much different than Internet bubble stocks in 1999.
This is the beginning of the end of CRE, folks.
We all know GS is a force for good in the universe. Since Paulson formerly headed GS, one can infer he is also a force for good. Both GS and Paulson obviously place the interests of the country above their own.
Where's the problem?
I would add to that the sincere apology proffered by Lloyd Blankfein.
I think everything is going to be alright now.
But CNS just paid a divedend. Criminal. Wow, all these seconadries being issued...bought by the gov's stooges to reinflate the markets as the rats jump of the sinking ships. Quite remarkable, they don't even try to mask the fraud anymore.
What I think is laughable is CNS doing a massive secondary after participating as an primary investor in the last REIT issuance wave this spring.
Classic pyramid scheme. Those participating in this secondary are going to be left holding a huge bag of smelly stuff.
good for you tyler. they are all disgusting crooks. check out the story on that scum Cohen fliunky in yesterday's WSJ? And the Pequot story? The brazenness of these people is utterly amazing - and they are so brazen because they will never be stopped.
One doesn't accumulate seven hundred million in net worth by being a nice guy concerned about ethics and the public good. No, you achieve such ends by being a greedy son-of-a-bitch concerned only about getting yours and those people who help facilitate the process. Another primary concern is staying within the law while building a fortune and some ability to change the laws to assist in achieving such ends.
One might argue that after building his fortune, Mr. Paulson turned to the Treasury to "give back" to the system that allowed him to build such a vast fortune. To the contrary, he went to Treasury in an effort to permanently solidify the underlying structure of the system so that he and persons of his ilk can tomorrow and into perpetuity profitably exploit it at their leisure.
At least he did not steal a can of tuna...you know if your caught stealing tuna more than once your ass can be sentenced for 12 months in the pokey in Fiji...
Dutt committed the offence on July 14 of this year where he stole a carton of tin tuna, tins of corned mutton and tinned fish from the supermarket.
http://www.radiofiji.com.fj/fullstory.php?id=21683
And justice for all..
Small timers break the law while big timers are usually so far in front of the legal and regulatory system (if they or their bought-off cronies aren't writing the law to create the loopholes that allow the plundering) that they are exploits more so than they are criminal acts. Hence no pokey time.
If you steal a can of tuna, you get the death penalty in Alabama, from what I remember...Unless Cousin Vinny cmoes to the rescue.
It's been reported Bush's first choice for Treasury Secretary was Paulson. Paulson declined. After appointing an aluminum company CEO who was a flop, Paulson was asked again. Again, he declined. Next came the railroader who also flopped. Now the Bush team was desperate for someone with real finance experience, and Paulson finally gave in. I don't know if history would have been different had he accepted the first offer, but his timing was absolutely terrible.
Donald Marron wanted the job. http://tinyurl.com/nbvf94
Are you by any chance the guy who wrote this article :Mean Street: It’s Time to Enshrine Hank Paulson as National Hero – Deal Journal – WSJ.<>
Blankmind and Paulson:
Birds of a feather should be tarred together.
Whats funny is that Hillary was in Africa Lecturing their governments about corruption.
That is so terribly American! The US in general, and Geithner specifically, lectured Asia during the '97 crisis, telling them they needed to do everything that the US and Geithner refuse to do now. Don't think the Asian countries have forgotten. The US also lectured Japan when that country's economy tumbled in 1990, telling Japan how to run its country in ways the US refuses to do now. And then there's our yearly list of human rights abusers...more sanctimonious and hypocritical bull.
We are just so full of shit, no matter if we are led by Bush or Bush or Clinton or Obama.
Do as we say, not as we do...
Unless the principled capitalist set (not necessarily an oxymoron) mans up to what's being done in the name of their own beliefs, stops mindlessly waving the flag of American Capitalism
1. (used with a singular or plural verb) a system of moral principles: the ethics of a culture.
We just can not compete with the vast amounts of money being used to influence decisions. The Rich says"
good articles; good finance articles http://...
Ha, and she snapped at a journalist asking her about the president's intentions, after she though he's asking her about Bill. Funny et all
I guess a waiver was the second best thing to immunity from review “by any court of law or any administrative agency”.
There is a great story waiting in the wings for an investigative journalist with balls to uncover. A story about a group of people who started off their careers in the Nixon administration early 70's. How they kept coming back under various administrations and how they raped our country and made it into what it is today. Check out the history of any of the usual suspects mentioned in these columns plus a few who are not like Cheney, Rove , Volcker and their careers and you will see the connections.
bingo
"There is a great story waiting in the wings for an investigative journalist with balls to uncover. A story about a group of people who started off their careers in the Nixon administration early 70's."
you left the next generation who started their careers in the Clinton administration with the likes of Rubin, Geithner, Summers and what is really scary their proteges, people like Roubini (former business partner of Summers) and famed blogger Setser (recently appointed to the White House) - the latter two being strong supporters of the current economic regime
We do need to make a distinction between the Cheney "stay behinds" and other players in the current administration
"... you may not participate ... in any particular matter that will have a direct and predictable effect on your financial interests or those of anyone whose interests are imputed to you..."
Certainly the top executives at Goldman have financial interests that are 'imputed' to Paulson, considering that he took credit for the state of the balance sheet while he was CEO.
Fred Fielding completely overlooked the second part of the waiver requirement. It's one thing to consider the requirement and dismiss it, but Fielding didn't even comment on it. He only commented on Paulson's DB pension plan. Unbelievable.
Tyler, pls dont destroy the matrix created by GS...i want to continue enjoying the material benefits...( all of which are non existant)..and that i know only my mind makes it real...
I know all you offer is the truth....but ignorance was so much bliss!
Will GS agree to to reinsert me into the matrix...?
Hank Paulson is a Vampire Squid. Ethics and law are for human beings.
http://cephaloblog.wordpress.com/2009/08/10/lord-of-the-rat-fucking-vamp...
By the way, in case anyone wants to track down Fielding, he can be found working at Morgan, Lewis & Bockius
http://legaltimes.typepad.com/blt/2009/04/fred-fielding-joins-morgan-lew...
If Obama can look into the Bush administration conduct regarding interogation of detainees, it is not a big stretch to prosecute Paulson. He state that he would never do business with Goldman. He should have recused himself with that issue the waiver is bullshit. A judge cannot get a waiver he steps down on that case. Paulson is exposed.
Come crisis time, Bush/Cheney went to Haliburton. Obama and friends went to Goldman. Once the panic passes, there will be investigations and a few ceremonial whippings. Same wine, new bottle.
That bastard should be in prison.
Get Out Of Jail Free.
Going long pitchforks, and torches
This is systemic to government itself.......we need a house cleaning and new rule of the house.
Oh TD, you and your petit bourgeois nonsense. Would you like to know who really issued this waiver?
AMERICAN HOMEOWNERS!
They don't give a damn who steals what as long as they can remain in their homes and have their jobs.
Don't you realize we've spent the last 60 years breeding a class of stupefied, pathological clerks?
Why do you want to save them? They're socioeconomic dinosaurs. They're the human version of a Ford car. It's time for them to die.
So will you spare us if we are HOMELESS. You promise to l kill only the AMERICAN HOMEOWNERS right ??? !!!
Yes. The homeless are the new Jews, the homeowners are the new Nazis. Like it?
What's wrong LB? Did your lunch at the Four Seasons give you heartburn?
Don't you have more important things to do (like creating the next bubble) than monitoring "petit bourgeois" blogs?
A little too close to the truth, almost clairvoyant. Quite scary. You might be right. They'll be completely useless in a street fight.
A little too close to the truth, almost clairvoyant. Quite scary. You might be right. They'll be completely useless in a street fight.
A little too close to the truth, almost clairvoyant. Quite scary. You might be right. They'll be completely useless in a street fight.
Paulson is on the board of Tsinghua University? Where have I heard that name before? A yes. Here, here and here.
Please inform www.nndb.com so they can update their nodes.
that's a good idea, actually. just did. you can do your own maps there really simply.
awesome job TD in getting the document, BUT now comes the interesting part; in the original NYT article about HP and GS it is written that HP first got a waiver orally approved, and some time later in writing.Now what interest me is; was this piece of paper written on Sep. 17 as we can clearly see on the document, or was the document produced later with that date of an orally approval written on it. My point is;if, as NYT article states that the waiver was approved orally first,then in writing afterwards,how can we know that it was really approved on Sep 17, and how can we know that HP didn't contact LB and GS before from a private line to discuss the matter of AIG, LEH, BSC etc.
OH and the NYT article is still available, but i haven't had my 6 red bulls yet so I'm barely functioning and i don't want to go to NYT page to look for it.
Cheeky
This may be it.
http://www.nytimes.com/2009/08/09/business/09paulson.html
TD - This is yet one more fine example of how "Loyalty to the institution" is defined by those that lead our governmental and leading commercial institutions. The only notable thing here is that Paulson actually has a paper trail. Most folks just do this on the run. Perhaps he was concerned that some folks within his and other institutions would be able to track his calling and travel patterns so he felt obliged to paper...
There is much more here than Paulson using the US taxpayer as a piggy bank to cover his and his firms backside.
I would suggest that any enterprising individual seek additional waiver information across government and "independent" regulatory institutions. I am willing to wager that the results would be noteworthy.
That would be the answer. But can you find a guy who's both qualified and not for sale (if not already bought) anymore?
1. (used with a singular or plural verb) a system of moral principles: the ethics of a culture.
We just can not compete with the vast amounts of money being used to influence decisions. The Rich says"
good articles; good finance articles...http://www..
Looks like Hammerin Hank was spreading the Goldman gospel to India and China before becoming Treasury Secretary.
If he was successful, the world economy is screwed.
An "Ethics Waiver" lol! (patent pending btw) What will we think of next?
But for those talking about legal action, please consider:
- I'm too big to fail
- the market is up, so what's your problem?
- my um "ethically waived" actions (not "crimes", please note) are too complicated for you to understand.
- a court case could precipitate a systemic crisis of confidence, where people begin to doubt if their years of greed and corruption will be rewarded with obscene amounts of money at taxpayer expense. Let's not go there.
- be positive. You have the Greatest, the Biggest um acquirer and transferer of national wealth <***ETHICS WAIVER***(TM)> in the history of the world! <cue national anthem>
I gotcher ethics waiver... right here up my ass !!!
Bank Teller: Next!
Secretary of Treasury: Hand over your cash.
Teller: Help! Police!
Secretary: Wait! I have an ethics waiver. Look ...
Teller: Ooooooh! That's fine then. The vault is right over here. Have a nice day! :)
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