Comments on: The 11 Blunders of Hank Paulson http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 20:08:08 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Movie Guy http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127200 Movie Guy Wed, 19 Nov 2008 05:15:26 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127200 I didn't any mention of the Paulson-Bernanke connection. Bernanke is getting a free ride? Surely Hank talked to Ben about some of the decisions that Treasury made. I didn’t any mention of the Paulson-Bernanke connection. Bernanke is getting a free ride? Surely Hank talked to Ben about some of the decisions that Treasury made.

]]> By: lunatic fringe http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127154 lunatic fringe Wed, 19 Nov 2008 00:16:21 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127154 #12 - He only worked himself to "near" death. (yes, I know that's harsh - BFD) #12 – He only worked himself to “near” death. (yes, I know that’s harsh – BFD)

]]> By: peachin http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127143 peachin Tue, 18 Nov 2008 22:58:21 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127143 1. I didn't know he was finished with his job. Many of us have run our own businesses - we certainly have faced temporary failure in the pursuit of success. 2. Failure presented has not created turmoil in the market place. Paulson or no Paulson, many are surprised the markets are as high as they are at this time 3. Off topic, sort of, Bear Stearns and Arthur Anderson failed for the right reasons. There is no place in business for Obsessed Arrogance - They got what they deserved - anyone who has ever dealt with either knows we are better off with both of them being out of business. 4. If I were Paulson, I would have made the following statements today: A. I wouldn't give the automobile companies any money until the employees through their unions cut their wages, health benefits and retirement in half. From the 1970's the unions have been digging the grave for these companies - Yes 50% reduction in all employment costs - immediately! 25Billion without some solution that severe is pure WELFARE - why can't anyone say it? B. If any of you have any suggestions for an immediate replacement of me in my position - call my wife and she'll pick that person up before this session is over. C. Finally, I don't need this! 5. The Accounting Profession is owned by those who pay the bills. "Verified By Independent Auditors" is and always has been bullshit. 6. There is something "terrible" being withheld from the public that Lehman was involved in. I'm sure they know and I'm sure it will come out down the road. I could go on with 4 more, but why - believe it or not, he is doing the best job anyone could, if not please suggest an immediate replacement. Finally, People who run for congress should have to pass a test before they can run for office - Ignorance Enhanced! 1. I didn’t know he was finished with his job. Many of us have run our own businesses – we certainly have faced temporary failure in the pursuit of success.

2. Failure presented has not created turmoil in the market place. Paulson or no Paulson, many are surprised the markets are as high as they are at this time

3. Off topic, sort of, Bear Stearns and Arthur Anderson failed for the right reasons. There is no place in business for Obsessed Arrogance – They got what they deserved – anyone who has ever dealt with either knows we are better off with both of them being out of business.

4. If I were Paulson, I would have made the following statements today:

A. I wouldn’t give the automobile companies any money until the employees through their unions cut their wages, health benefits and retirement in half. From the 1970′s the unions have been digging the grave for these companies – Yes 50% reduction in all employment costs – immediately! 25Billion without some solution that severe is pure WELFARE – why can’t anyone say it?

B. If any of you have any suggestions for an immediate replacement of me in my position – call my wife and she’ll pick that person up before this session is over.

C. Finally, I don’t need this!

5. The Accounting Profession is owned by those who pay the bills. “Verified By Independent Auditors”
is and always has been bullshit.

6. There is something “terrible” being withheld from the public that Lehman was involved in. I’m sure they know and I’m sure it will come out down the road.

I could go on with 4 more, but why – believe it or not, he is doing the best job anyone could, if not
please suggest an immediate replacement.

Finally, People who run for congress should have to pass a test before they can run for office – Ignorance Enhanced!

]]> By: CaptiousNut http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127141 CaptiousNut Tue, 18 Nov 2008 22:44:00 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127141 This *analysis* was almost as bad as the *blunders*. This *analysis* was almost as bad as the *blunders*.

]]> By: leftback http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127122 leftback Tue, 18 Nov 2008 20:48:23 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127122 You forgot to mention the shorting ban, although that could be blamed on Cox. Above all, this event chased participants out of the market and shattered confidence. No short covering meant no buyers for a while. I suspect Paulson's plan was to kill BSC, LEH and as many other I-banks as possible to leave GS as Last Man Standing with a clear run at future I-banking business. Clearly he had no idea how bad things were going to get. You forgot to mention the shorting ban, although that could be blamed on Cox. Above all, this event chased participants out of the market and shattered confidence. No short covering meant no buyers for a while.

I suspect Paulson’s plan was to kill BSC, LEH and as many other I-banks as possible to leave GS as Last Man Standing with a clear run at future I-banking business. Clearly he had no idea how bad things were going to get.

]]> By: jmborchers http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127089 jmborchers Tue, 18 Nov 2008 19:12:27 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127089 PPT working overtime no doubt. Nas is down over 2% and AAPL is flat. Look at single stocks the PPT doesn't support and they are way down. PPT working overtime no doubt. Nas is down over 2% and AAPL is flat. Look at single stocks the PPT doesn’t support and they are way down.

]]> By: daveNYC http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127076 daveNYC Tue, 18 Nov 2008 18:29:57 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127076 "Or maybe a) suspending mark to market, b) a zero capital gains tax for the next five years, and a corporate income tax holiday. " Maybe my sarcasm detector is not working, but are you seriously suggesting removing any transparency from banks' balance sheets, blowing an even huger hole in the federal budget than is already anticipated, and then cut capital gains taxes which will either benefit the wealthy investor class or not benefit anyone because the key word is 'gains'? “Or maybe a) suspending mark to market, b) a zero capital gains tax for the next five years, and a corporate income tax holiday. ”

Maybe my sarcasm detector is not working, but are you seriously suggesting removing any transparency from banks’ balance sheets, blowing an even huger hole in the federal budget than is already anticipated, and then cut capital gains taxes which will either benefit the wealthy investor class or not benefit anyone because the key word is ‘gains’?

]]> By: ryancerium http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127075 ryancerium Tue, 18 Nov 2008 18:17:03 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127075 How is (6) Suspension of Mark-to-Market accounting transparent in any way? Isn't that simply allowing banks to say, "We haven't lost any money because we haven't sold anything yet." How is (6) Suspension of Mark-to-Market accounting transparent in any way? Isn’t that simply allowing banks to say, “We haven’t lost any money because we haven’t sold anything yet.”

]]> By: jmborchers http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127072 jmborchers Tue, 18 Nov 2008 18:07:09 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127072 The PPT will buy the futures up to try to create a bid. It normally works but this time I think it will not. The PPT will buy the futures up to try to create a bid. It normally works but this time I think it will not.

]]> By: jmborchers http://www.ritholtz.com/blog/2008/11/the-11-blunders-of-hank-paulson/comment-page-1/#comment-127070 jmborchers Tue, 18 Nov 2008 17:59:10 +0000 http://www.ritholtz.com/blog/?p=9947#comment-127070 10-4 Mike I realize that. I think the only way out of this though is to print money like never before. The gov't has to send out thousands of dollars in tax rebates to each person in the US. 10-4 Mike I realize that. I think the only way out of this though is to print money like never before. The gov’t has to send out thousands of dollars in tax rebates to each person in the US.

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