Congress passes the Emergency Economic Stabilization Act, creating the $700 billion Troubled Asset Relief Program (TARP) to bail out major financial institutions. Despite extensive evidence of widespread mortgage fraud, predatory lending, and securities violations that precipitated the crisis, the …
Henry PaulsonGoldman SachsJPMorgan ChaseBank of AmericaCitigroup+3 moreinstitutional-capturecorruptionfinancial-crisisbailoutregulatory-capture+2 more
President Bush signed the Emergency Economic Stabilization Act authorizing 00 billion in bank bailouts with initially minimal oversight. Treasury Secretary Henry Paulson, former Goldman Sachs CEO, originally sought exemption from ‘review by any court of law or administrative agency.’ The …
George W. BushHenry PaulsonGoldman SachsCitigroupBank of America+2 morebank-bailouttarppaulsongoldman-sachswall-street+2 more
The U.S. government authorized an $85 billion bailout of American International Group (AIG), with Goldman Sachs receiving $12.9 billion—the largest individual payout. Treasury Secretary Henry Paulson, a former Goldman Sachs CEO, played a central role in the decision, despite significant conflicts of …
Henry PaulsonLloyd BlankfeinDon Jesterfinancial-capturebailoutwall-streetregulatory-failurebanking-crisis