Thursday, October 22, 2009

We need Cameras on our Public Servents

Henry Paulson met with Goldman Sachs board of directors in Moscow. He gave them inside information on what was happening and the steps he was taking in relation to AIG and Bear Stearns. They were joking about how all the hotels in Moscow were bugged, by the KGB, as they were talking about the most sensetive aspects of USA monetary policy. It was not inappropiate, he say, but he did not list the meeting on his schedule, as required by law.
For the next hour, Paulson regaled his old friends with stories about his time in Treasury and his prognostications about the economy. They questioned him about the possibility of another bank blowing up, like Lehman, and he talked about the need for the government to have the power to wind down troubled firms, offering a preview of his upcoming speech.

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