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The Hammer Gets Hit By A Tree


Congressman Cliff Stearns leaves Henry Paulson abused and stuttering.

Everything is in here: AIG-Goldman conduit, Lehman failure, Paulson's tax-free $700 million stock sale, Geithner and AIG, TARP lies and Goldman's FDIC debt guarantee.

This is the closest we will ever see Paulson to a courtroom.



Further reading:

Paulson's Little-Known 2004 SEC Rule Change - New York Times



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Reader Comments (47)

Embarrassing. Hank Paulson's gravestone should read: "He died a thief, cheat and a liar and emboldened others to brazenly do likewise." Maggot shite indeed.
Jul 21, 2009 at 3:46 AM | Unregistered Commenterspideydouble
Ok It is nice to see him squirm.
One piece of democracy that works, and separates America from an autocracy is that these people can be made to answer for what they have done. But, if all he gets is a a few questions asked of him, what is the point? He gave away how many billions $ to his friends?
If he does not go to jail then you really have to ask, what's the point?
Jul 21, 2009 at 5:01 AM | Unregistered CommenterMorton
I want to see Hank Paulson in an orange perp suit....along with the rest of the Goldman Sachs crooks!
Jul 21, 2009 at 11:36 AM | Unregistered CommenterWestWright
Paulson is a crook. Love to see him in jail as well!!
Jul 21, 2009 at 3:38 PM | Unregistered CommenterSell Short
"It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation." ---Hank Paulson July 20, 2008


Liar or dumbass?
Jul 22, 2009 at 12:28 AM | Unregistered CommenterJames H

In the first summary video, Kashkari acknowledges that Paulson and Bernanke both knew they would need to pursue a bailout and agonized over timing because they were uncertain the political will was there.

01:35 "It was not until probably January of 2008 were we began serious work contingency planning that if the correction was so bad that the private market s would become unwilling to provide capital to the financial system, there might come a time when the Federal Government would have to step in to stabilize the financial system."

02:55 "So the toughest challenge for Secretary Paulson and Chairman Bernanke was when to go to congress. When can we go when we know we are going to get the authority. Because if we go and we don't get it, that could be very damaging."
Jul 22, 2009 at 4:59 AM | Unregistered Commenterspideydouble
They are all treasonous liars in my opinion. Kashkari is a very intelligent and articulate guy, buy I have never believed a word he says. He takes talking point coaching well and still makes it seem natural and sincere. He would make a great actor someday.

That or he is so caught up in the web of deceit that he can't tell the illusion from reality. Still inexcusable, since he surely has hundreds if not thousands pointing out the distinction to him.
Jul 22, 2009 at 5:04 AM | Unregistered Commenterspideydouble

Thanks for finding that Kashkari quote -- I've been away from "the internets" all day.

I was pretty shocked by Kashkari's statements when I watched this back then. See, that's the perfect example of how difficult it is to play Dumbass or Liar. I had assumed Bernanke was a definite Dumbass, but with Paulson I wasn't so sure (I'm still not completely sure). Now I know (if Kashkari is to be believed) that both Bernanke and Paulson are definite Liars if not also Dumbasses -- "subprime is contained", "the banking system is sound". What makes me angry -- what doesn't these days? -- is all the clear and obvious happy talk right up until September 15. Which makes me wonder whether Kashkari's revelation was calculated or just a slip. If the MSM knew what they were doing, or weren't simply craven, they could do a whole mini-series on What Did Paulson and Bernanke Know...And When Did They Know It? Probably won't happen. Dylan Ratigan might take it up... but probably nobody else.
Jul 22, 2009 at 11:54 PM | Unregistered CommenterJames H
@ James

I would expect no less from our official Hearst/Rockefeller/Rothschild/Murdoch/Luce propaganda machine. I pray someone like Dylan Ratigan will take up the Paulson/Bernanke what did they know and when cause.
Jul 23, 2009 at 5:21 AM | Unregistered Commenterspideydouble
Ron Paul vs. the Neocon Cowards

Positions of Dr. Paul’s that would help achieve this objective include:

1. Getting rid of the Federal Reserve, which functions as the financial enabler of war, as well as its head-coach.
2. Forcing politicians in favor of war to make a formal declaration of war, as specified in the Constitution.

To which I would add:

3. Patriotism requires that the profit-motive be put-aside in time of war. Therefore, financially profiting from a soldier’s courage, and, possibly, from the sacrifice of a soldier’s life, should be forbidden by law.
4. By law, every elected representative espousing war must either personally ship-off to battle, or, send a close family member in his stead.

The Ron Paul Revolution is, among other things, a revolution to reclaim our original American spirit, a spirit mangled, at least since the time of Lincoln, by the passive acceptance, and tacit encouragement, of state-sponsored mass-murder for profit.
Oct 15, 2009 at 9:16 AM | Unregistered CommenterKen
Favorite line from Stearns: "You're saying to us that you support the Obama administration giving more power to the federal regulator--the Fed--but when you look, Geithner was on board with the New York Fed, dealing with all these institutions--HE didn't get it."

Paulson did not look good, physically. Every last bit of decency he may have had has dried up and he's running on pure evil. I predict a stroke by next July. ...or a heart attack.
Oct 15, 2009 at 10:38 AM | Unregistered CommenterSonic Ninja Kitty
What a rumbling bumbling mumbling idiot!
Oct 15, 2009 at 10:46 AM | Unregistered Commenterhoo hoo hoo
I can't wait until the entire country is talking like Cliff Stearns... Gunning down the bailouts and the criminals involved.
Oct 15, 2009 at 11:03 AM | Unregistered Commenterst. louis, misery
Blah, blah, blah. Wake me up when the rest of you morons are ready to hang these bastards upside down from steel girders like Mussolini, so I can come down and pump their stinking dead corpses full of LEAD.
Oct 15, 2009 at 2:49 PM | Unregistered CommenterInstitutionalizedFraud
@ Fraud

So what you're saying is after someone here commits murder, you'll be happy to come along and shoot the already-dead bodies...

You're quite the revolutionary. Whoa.
Oct 15, 2009 at 2:58 PM | Registered CommenterDailyBail
USA working class bamboozled and sleep , Bankers raided the pensions with this bubble to send into bust pit with coming crash, Already crashed homes?lol

Addicted to Internet screams and bashing each other and thinking a revolution will take care itself?lol

What a Bamboozled Generation?lol

Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says (Update1)
Oct 15, 2009 at 6:35 PM | Unregistered CommenterKen
Paulson you crook you have ruined this country.
Oct 15, 2009 at 6:51 PM | Unregistered CommenterSell Short
The credit crunch is getting worse on Main Street, despite a Wall Street bailout now in the trillions of dollars. The Federal Reserve’s charts show that “base money” is rapidly expanding—meaning coins, paper money, and commercial banks’ reserves with the central bank. But the money isn’t getting where it needs to go to stimulate economic growth: into the bank accounts of American businesses and consumers. The Fed has been pumping out money to the banks, and their reserves have been growing at unprecedented rates, but the money supply in the real economy has been declining.

According to Ambrose Evans-Pritchard, writing last month in the UK Telegraph, U.S. bank credit and M3 (the broadest measure of the money supply) contracted over the summer at rates comparable to the onset of the Great Depression. In the summer quarter, U.S. bank loans fell at an annual pace of almost 14 percent. “There has been nothing like this in the USA since the 1930s,” said Professor Tim Congdon of International Monetary Research. “The rapid destruction of money balances is madness.”

Chartered banks are allowed to create credit on their books equal to many times their deposit base, but lately they haven’t been doing it. In more normal times, one dollar in base money has been fanned by the banks into $8.50 in loans. Today, one dollar in base money produces only one dollar in loans. Although the Fed has been frantically pushing cash into the banks, it can’t make them lend to consumers.
Oct 16, 2009 at 9:10 AM | Unregistered CommenterKen
Has anyone here noticed the amazing similarities between Lex Luthor and this Paulson guy? The same bald head, the same evil beady eyes. The same twisted smirk. The same plans for world domination and subsequent destruction of the entire human race.
Oct 16, 2009 at 10:43 PM | Unregistered CommenterGoKaptur!

You're on a comment rampage. Anger is good. Cultivate it. Nurture it. Sharpen thy pitchfork. The peasants are pissed off and we might just win this time.
Oct 16, 2009 at 10:45 PM | Unregistered CommenterJames H
James H

Kaptur is my Commander in Chief and I asked 15 families to stop all loan payments to Banker terrorists and the revolt is on.Now do you folks here have the balls to revolt now?

Kaptur is not reading here...........

Contact her office , join the revolution
Oct 17, 2009 at 10:17 AM | Unregistered CommenterKen

What do you mean -- I mean, what did you convince them to do? Mortgages, credit cards...? And how did you get in contact with 15 indebted families?
Oct 17, 2009 at 11:26 AM | Unregistered CommenterJames H
Whatever, nice work.
Oct 17, 2009 at 11:27 AM | Unregistered CommenterJames H
Damn, this clip is great.

Re: the dumbass or liar debate... um, c. all of the above.
Oct 18, 2009 at 6:05 PM | Unregistered Commenterallie
Wow! $200,000,000.00 in profit and no taxes? These guys have really set the system up for themselves. Look at their retirements, their health care, their tax breaks! Who the #%&@ are they kidding. Democrats, Republicans, bla bla bla bla bla, it's all a joke! They get all of us to think some of them are on our side and really they are all on our back screwing us. Unbelievable.
Oct 20, 2009 at 12:57 AM | Unregistered Commenterex-republicrat
I hate Paulson and Bernake like the next person. But Cliff Stearns lost ALL credibility the moment he advocated the TARP money be used to pay down equity of OTHER people's mortgages.

Why should I, the tax payer be paying SOME OTHER person's mortgage when I don't even own a house? In fact, why should I... a renter be making life hard for myself for keeping real estate artificially inflated?

Whatever mistakes were made. The one right decision was not to throw tax payer money buy paying off other people's mortgages.
Oct 20, 2009 at 1:02 AM | Unregistered CommenterJake
"But Cliff Stearns lost ALL credibility the moment he advocated the TARP money be used to pay down equity of OTHER people's mortgages."

Jake, While I agree with your statement regarding paying other peoples mortgages, I have to say I would rather have seen some of my neighbors not have to pull their kids out of school, loose their house and move across town to some apartment verses these a-holes taking hundreds and hundreds of billions of our tax dollars and giving it to these damn companies so that their ivy league buddies could get their big ass bonus this year. I don't know if Stearns actually would have voted for a program to buy down the principal on peoples mortgages, but I know he thinks that would have been a far better idea than what actually took place. For that I cannot fault him.
Oct 20, 2009 at 1:51 AM | Unregistered Commenterex-republicrat
Wamu TRUTH...


JPMorgan admits that the FDIC took over a solvent bank in one of the latest court documents...

I'm enclosing a few more documents filed through the BK court in regards to a declaration of Thomas M. Blake (http://www.crai.com/ProfessionalStaff/listingdetails.aspx?id=1276 ).

The declaration can be found in 103-4.pdf at http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287

Oct 24, 2009 at 8:19 PM | Unregistered CommenterKyle Krol
you americans are hilarious. your country could not even put away the real criminals behind JFK's assassination. (the damaged windshield, and bullethole above the rear view mirror frame is dead on proof there was a second shooter).

tell me, if your own government would lie its ass off in the assasination of its own president, what makes you think anything will happen to one of their corrupt friends in the financial world? nothing.

absolutely nothing.

keep on crying though! :) it makes good comedy. nothing will happy from your worthless crying.
Oct 26, 2009 at 4:40 AM | Unregistered CommenterTruth is dead
While I detest Hank Paulson and would like to see him in prison, I don't think much of this clip. The Congressman asks question after question and makes charge after charge. Then every time Paulson starts to respond the Congressman starts up again and says he isn't going to let Paulson take all his time. These types of hearing where every member of a Congressional committee gets 5 minutes to grandstand are worthless. Each side of the aisle should appoint one or two members to ask questions, put the questions together as a group, and have some ground rules such as 1 minute for a question, 2 or 3 minutes for an answer.
Oct 28, 2009 at 10:38 AM | Unregistered CommenterDP
You guys rule. I worked in finance and I always thought I just ended up in a snake pit. I thought that if I kept rising up, I'd find honor somewhere. I never found anyone with any honor and the people were only more deranged than previously.
Dec 8, 2009 at 1:56 AM | Unregistered CommenterEthan Cast
Sorry, but the congressman comes off as a total idiot. Paulson changed TARP. Goldman Sachs agreed - they did not want it or need it - to take 10 billion in TARP funds, which they have since paid back plus interest and a tidy profit for the taxpayer on the warrants. The congressmen confuses that source with the 12.9 billion GS got after the Fed loaned tens of billions to AIG: the source was not TARP, it was the Federal Reserve. So the congressman doesn't know his butt from a hole in the ground. The 12.9 billion included 4.8 billion for highly liquid agency money securities - money GS would have gotten no matter what - even if AIG had gone into a disorderly bankruptcy. The 12.9 billion included a 2.5 billion collateral posting per the CDS contract. GS already had 1.4 billion of that from their backstop, which they had to return: nets to 1.1 billion on their side. The 12.9 included 5.6 billion for the purchase of a Goldman Sachs asset at a 60% discount. So the net to GS on the transaction was 1.1 billion. In this matter, outraged congressmen have consistently shown themselves to be total morans. Tone down the outrage, do some math.
Jan 26, 2010 at 1:40 PM | Unregistered CommenterJCH
JCH, congressmen are almost all "total morans," but let's do the math from the taxpayer's perspective. At least 12.9 B, not counting collateral that might have been invalidated in a BK, went to Goldman. The taxpayer has received 0 B on the 12.9 B. Just doing a rough calculation, that still comes up to about 12.9 B. It's immaterial whether Goldman would have gotten their money absent the AIG bailout.
Jan 26, 2010 at 2:43 PM | Unregistered CommenterJames H
The Chinese quickly EXECUTED a crooked official. Imagine how that would clean up Washington!
Feb 6, 2010 at 3:54 PM | Unregistered CommenterRichard Webb
Just another Chicago politician!!! Paulo, Blogo & Obomo ---------
Jun 18, 2010 at 12:47 AM | Unregistered Commentermadord
Regardless of the intelligence of this exchange, the moral hazard in this clip is beyond belief.

That taxpayers bailed out the big banks, who do not need to write down their mortgages. They will now soon own half the residential and commercial real estate in the country after having caused the mess in the first place. This is out of control, and we may still have the Great Depression.

To those people who want to blame it on people who purchased mortgages they can not pay, I would suggest they listen to those group tested phone calls the average Joe got, keeping in mind that your average citizen still believes in professional fiduciary duty and honesty regarding bankers. I took a number of those phone calls, and it often took an hour to find out exactly what the terms were, and I have a masters in Finance.

Bailing out those banks was the worst thing we ever could have done. Without it, mortgages would have gotten repriced in a months, K Street would have gotten a bath, and many of these guys would be gone.
Oct 15, 2010 at 5:41 AM | Unregistered CommenterWhiskeyJim
"A waiver from the ethics agreement"

WTF is that? LOL! SPANKED by Mr. Stearn!!!
Jan 30, 2011 at 8:14 AM | Unregistered CommenterCanuck
If I was up there on the microphone I'd say
"Can you repeat the question?"
That outta piss him off, waste the poor fools time.
Aug 18, 2011 at 9:02 PM | Unregistered CommenterFinalMythology
Let's not forget that King Paulson held $75 Million in preferred shares of AIG when TARP was voted in.
May 4, 2012 at 5:55 PM | Unregistered CommenterDan
BOMBSHELL REPORT: Goldman Sachs Got Billions From Taxpayers Thru AIG For Its OWN Account, Crisis Panel Finds; Contradicting SWORN Testimony From Execs

Apr 8, 2016 at 5:15 PM | Registered CommenterDailyBail
Apr 8, 2016 at 5:16 PM | Registered CommenterDailyBail
Don't forget about The Nature Conservancy! There are a lot of scandals and cronyism there…



Speech: William J. Clinton’s remarks at the Goldman Sachs & Company 2004 Global Conference

December 3, 2004

New York, NY

Thank you very much. Thank you. Thank you very much. Thank you. Thank you, Hank, for that wonderful introduction. I probably should quit while I’m ahead. [LAUGHTER] And thank you, ladies and gentlemen, for the warm welcome.

I admire Hank Paulson very much for many things. His interest in Asia and our long-term relationship with the Asian Pacific community and particularly his leadership of the Nature Conservancy, some of you may not be familiar with it, but it is the principal private organization facilitating the preservation of precious natural land in the United States, and increasingly, in other places on the globe. I don’t think I ever told Hank this. But when I was the Governor of Arkansas, we used the Nature Conservancy more than any other State in the country.

I also want thank the people at Goldman Sachs, many of whom have contributed to the work of my Foundation, and the work we do around the world to try to fight AIDS and extend economic opportunity, to promote education and citizen service and to try to bridge the racial and religious divides that still bedevil the world. And I want thank Goldman Sachs for hiring at least a dozen people, who worked in the White House and other places in the administration. I was worried about what all those young people were going to do when we left office. [LAUGHS] So I am deeply in your debt....



Sorry to drop that tree on you Bill. You deserved it anyway.

The Lumberjack!
Apr 8, 2016 at 5:20 PM | Unregistered Commenterjohn
This post brings back memories. Seems like a lifetime ago. It WAS a lifetime ago.

Things were so bad back then that I actually thought that we, the people, would somehow win. But we didn't. 99% of the population doesn't even know who Hank Paulson is.
Apr 8, 2016 at 11:06 PM | Unregistered Commenterpitchfork

It all hinged on the 2nd TARP vote.

I still get angry thinking about it.

Apr 9, 2016 at 5:02 AM | Registered CommenterDailyBail

Very good link on Bill Clinton.
Apr 9, 2016 at 5:03 AM | Registered CommenterDailyBail

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