John Paulson’s $20MM gift to New York University is to endow a chair in Economics named after Alan Greenspan. This might have slipped by our notice over the holiday weekend, but for the intrepid eye of Dan B:

“The Stern School will apply $5 million of John Paulson’s gift to support two endowed faculty chairs.  The first chair is named for alumnus Alan Greenspan (BS ’48, MA ‘50, PhD ’77), leading economist and former Chairman of the Federal Reserve Board.  Dr. Greenspan was Chairman from 1987-2006, and was the first person to be appointed to five consecutive terms through a period covering four presidential administrations. He has also held a number of board positions.  Dr. Greenspan is the author of The New York Times best-selling book, “The Age of Turbulence: Adventures in a New World” (Penguin Group, 2007) and works as a private advisor providing consulting through his company, Greenspan Associates LLC. “

Dan notes:

“I was reading the latest edition of STERN business and found some humor in the fact that a portion of John Paulson’s $20MM gift to New York University is to endow a chair in Economics named after Alan Greenspan. Seems fitting that one of the individuals most responsible for creating the conditions by which John Paulson could achieve vast wealth for himself (and clients) is so honored”

No doubt about that!

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Source:
Hedge Fund Founder John A. Paulson Gives $20 Million to NYU Stern
http://w4.stern.nyu.edu/news/news.cfm?doc_id=101914

Category: Federal Reserve, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

29 Responses to “Ack! The Alan Greenspan Chair at NYU !”

  1. Petey Wheatstraw says:

    The Alan Greenspan Chair? Prolly smells of elderberries, BenGay and old man ass.

  2. gordongekko00 says:

    Greed is Good

  3. JT23456 says:

    Maybe it’s like the dildo chair from “Burn After Reading” – a dildo on the bottom and a dickhead on top ??

  4. Dow says:

    Didn’t Paulson just lose a serious chunk of cha-ching?

  5. Becky says:

    Maybe he thinks Greenspan belongs in school (still or again)?

  6. andrewp111 says:

    $5 million to endow 2 faculty chairs? If the interest earned on that cash is a realistic 2%, that means both faculty members can earn a base salary of 50K/yr. They will have to supplement their salaries from outside grants and contracts. Or they can put it all in riskier stuff that earns high interest, only to see it all simply disappear in a few years. That would be a fitting end to the Alan “Bubbles” Greenspan faculty chairs.

  7. NormanB says:

    The ‘chair’ should be facing a corner in a room and whomever ‘gets’ the chair has to put a on dunce cap whilst sitting in the chair for sixty minutes per day. Students are not allowed anywhere near it.

  8. alfred e says:

    Let’s see, $20M is a paltry 2% of the reported $1B he made off the single GS deal.

    Guilt money? Ego? And to honor Greenspan? What kind of den of thieves is going on there?

    Nevermind.

  9. Chrisbo says:

    History is written by the victors. A generation from now, students will only read about the “greatest”, longest serving Fed Chair. They will also understand that when there are negative outcomes from policy decisions, it is purely coincidental… after all, “no one” can foresee these negative outcomes.

    Then these students will go out to apply what they learned and mankind will prosper.

  10. Cynic_FA says:

    Great idea – Greenspan Chair for Bad Economic Policy

    Paulson is said to have made $3.7 Billion betting short on sub-prime mortgages. 20% of profits would be $740 Million. That means he paid less than 1% of sub-prime mortgage profits to memorialize Greenspan who helped to blow up the bubble and create the opportunity for profits.

    When I see the Greenspan Chair at NYU mentioned, I will see Paulson grinning away and laughing about that idiot Greenspan who gave him that layup profit on mortgages. Paulson needs to give another $5 million to pay for the for the Fabrice Tourre Chair in Structured Finance as a thank you for the $1 Billion profit he made on the short side of Abacus.

  11. Cynic_FA says:

    The chair will be no great honor if everyone from this site makes sure it is always referred to as the Alan Greenspan “paid for with mortgage crisis profits” Chair. Having the Fabrice Tourre “F%$$#ck your idiot clients” Chair in the same building will make sure everyone knows the true meaning

  12. TakBak04 says:

    Monuments and Endowments to Crooks… They are not “new” in American History…but this one has got to be one of the more egregious…given the Recentness of this Crook’s Skull Duggery!

    It’s really distressing to read this.. Actually there are no kind words to describe how awful this is.

    Putting Reagan’s Face on our Currency that was proposed … got beaten back a little while ago. Let’s hope the Graduates and Trustees of that great institution “New York University” will RISE UP and STOP THIS!

    If they don’t, then I fear for the future of America going forward. To honor Alan Greenspan is quite a reach and shows much power for some in our society

  13. TakBak04 says:

    @Dow Says:
    July 9th, 2010 at 8:33 pm

    Didn’t Paulson just lose a serious chunk of cha-ching?

    ——–

    Paulson made a SERIOUS CHUNK of CHA-CHING…over the Housing Bubble Demise! And…there have been hints of something nefarious about his making that money in his trade leaking out in the last weeks.

    But, like many Wall St. Grifters…he is applauded for his WISDOM in SHORTING the BUBBLE and MAKING BILLIONS or whatever.

  14. Chief Tomahawk says:

    “Ack! The Alan Greenspan Chair at NYU !” Poor Bill Fleckenstein has probably been rushed to the hospital for a quadruple bypass…

    Just wait til Warren Buffet one-ups John Paulson by getting Paris Hilton named Dean of the NYU College of Business!!!

  15. TakBak04 says:

    Worst of it is that NYU and many other Great Institutions of Learning probably need that money so badly they will overlook it. The “Stern School of Business” will profit by being able to bring in more students…but what will the Professors be forced to preach to them?

    Think of Friedman and Chicago and what he wrought on Business School students across America for Generations. The Ayn Rand School of Libertarian Selfishness. And, what do most Americans and even some Europeans live with these days BECAUSE of that Legacy? What?

  16. TakBak04 says:

    John Paulson Should Be Kicked Out Of The Securities Industry For Life
    Simon Johnson | Apr. 18, 2010, 9:27 AM

    Read more: http://www.businessinsider.com/john-paulson-should-be-kicked-out-of-the-securities-industry-for-life-2010-4#ixzz0tF4gKCQb

    By Simon Johnson, co-author of 13 Bankers: The Wall Street Takeover and The Next Financial Meltdown

    Of all the reactions so far to various dimensions of Goldman fraudulent securities “Fab” scandal, one stands out. On Bill Maher’s show, Friday night, I argued that John Paulson – the investor who helped design the CDO at the heart of the affair – should face serious legal consequences.

    On the show, David Remnick of the New Yorker pointed out that Paulson has not been indicted. And since then numerous people have argued that Paulson did nothing wrong – rather that the fault purely lies with Goldman for not disclosing fully to investors who had designed the CDO.

    But this is to mistake the nature of the crime here – and also to misread the legal strategy of the SEC.

    The obvious targets are Goldman’s top executives, whom we know were deeply engaged with the housing side of their business in early 2007 – because it was an important part of their book and they were well aware that the market was in general going bad.

    Read more: http://www.businessinsider.com/john-paulson-should-be-kicked-out-of-the-securities-industry-for-life-2010-4#ixzz0tF4bDHqC

  17. Dow says:

    TakBak04 – Here is the news story on the recent Paulson losses.

    Via Krugman’s blog earlier today, Paulson Funds Said Hit by Steep Losses in June, at Deal Book By Andrew Ross Sorkin, NY Times

    Mr. Paulson’s $9 billion Advantage fund lost 4.4 percent in June, leaving it down 5.8 percent for the year so far, The Financial Times reported. That comes on top of a 6.9 percent drop in May.

    Paulson & Company’s Advantage Plus fund, meanwhile, fell 6.9 percent in June, bringing it to an 8.8 percent loss in the first half of the year, according to Bloomberg News.

    If my math is correct, that’s roughly a $2.9 billion loss on the Advantage Plus fund and another $550 million on the Advantage fund. Ouch.

  18. jjay says:

    It’s as if Al Capone endowed a Frank Nitti chair at the University of Chicago to honor his trusty sidekick!
    How does Greenspan keep a straight face when he talks all that economic trash?
    The United States economy is in ruins, and the lives of millions of decent, honest, Americans will never recover from his criminal folly.

  19. Transor Z says:

    How about the Walter Freeman chair at the NYU medical school? Dude perfected the 10 min. lobotomy using an ice pick and a hammer. Through the back of the eye.

    http://video.pbs.org/video/1049423655/

  20. globaleyes says:

    As a 5-term Fed Chair, Greenspan could be viewed as the baby boomer nemesis. Critics would argue his policies preceded our current downturn. I’m surprised nobody has declared THIS to be the baby boom recession (BBR).

    Let me be the first.

  21. globaleyes says:

    Monetary UpDate:

    NOBODY loses cha-ching.

    If you’re smart enough to have it & read TBP, you lose ka-ching

    Otherwise, you are advised to get a new cash register!

  22. mathman says:

    Hey, thanx.

    i just so enjoy being thrown in with these crooks – as if i personally created the whole mess with this mere handful of “connected” jerks who happened to be born during the same generation – and have all their wealth, retirement plans and healthcare.

    i’m not in that position at all (and i’d venture that neither are the millions of others making up this generation) and will suffer the remainder of my days due to their “gettin’ away with” the crime of the century. So ease up on the broad brush tirade about “baby boomers” as all being the same bunch of scum. i’ll die with my boots on (i.e. no retirement for me) thanks to these shitheads and the sheeple who put up with their crap. Where’s the mass revolt by the younger generations who are getting royally screwed too?

    Oh.

  23. Julia Chestnut says:

    Am I the only person who finds it mildly amusing that they endowed a chair in the name of a living person? Not that anyone follows these rules anymore, I’m sure, but that is highly uncouth. You can give the money earmarked for endowment of the chair after death of the individual (considering his advanced age, not such a huge length of time to part with money??).

    No one in academia can accept the “chair” until the person after whom it is named shuffles off this mortal coil. It’s supposed to be a way to honor people in memoriam, not suck up to them during their lifetime. I may be a Southern Lady, but we’d start off a conversation about this incident with a conspiratorial grin and the words “Bless his heart. . . . .”

  24. censeo says:

    Fine. But name it the “The Alan Greenspan Potty Chair”.

  25. Mike in Nola says:

    Maybe Soros can fund a special place in hell for both of them.

  26. b_thunder says:

    How much would it take to rename German Bundesbank after Rudolf E. A. Havenstein ?

  27. Dan notes:

    “I was reading the latest edition of STERN business and found some humor in the fact that a portion of John Paulson’s $20MM gift to New York University is to endow a chair in Economics named after Alan Greenspan. Seems fitting that one of the individuals most responsible for creating the conditions by which John Paulson could achieve vast wealth for himself (and clients) is so honored”

    No doubt about that!
    ~~
    x3
    ~~

    it’s the stuff that ‘Family Lore’ is made of..

    from a certain perspective, it’s a cracking Good Joke…

  28. [...] John Paulson's $20 million NYU endowment for the Alan Greenspan Chair.  I'd bet it'll be an Easy Chair, yuk yuk.  (TBP) [...]