What’s Next For Paulson, A Soup Line?

November 24, 2008

Not likely. But Treasury Secretary Hank Paulson might want to dust off his resume because if the Academy of Management is right, he’s probably not going to be getting many fat offers to serve on corporate boards after leaving government in January.With Democrats in control of both Congress and the White House starting Jan. 20, high-ranking Republicans in the outgoing Bush administration will be less marketable for boardrooms positions, according to the association.”If a party is shut out of both congressional houses plus the executive branch, as Republicans will be, its members’ chance of joining the board of a large corporation is about 30 percent less than it would otherwise be,” said Richard Lester of Texas A&M University, who carried out a study for the Academy of Management.Helping Paulson and several of his White House colleagues, though, is that Cabinet members are the most likely among retiring governmental officials to be recruited to serve on corporate boards.”They were more than twice as likely as former senators, and more than five times as likely as former representatives, to be appointed corporate directors during the 16 years covered by the research — 1988 through 2003,” according to the association.Not to pick on Paulson — there are more than a dozen Cabinet members — but he has become one of the highest-profile, most controversial of Bush’s aides for the way he has been handling the $700 billion financial industry bailout.But Paulson’s a survivor. This former Nixon administration official left government the first time around in 1973 (like a lot of his colleagues) and quickly worked his way up the ladder at investment firm Goldman Sachs, finally serving as chairman and CEO when he got his Treasury job.Photo credit: Reuters/Larry Downing  (U.S Treasury Secretary Paulson with President Bush outside Treasury Building in Washington)


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I think the next stop for Paulson should be a prison cell– along with Bush, Cheney, Rice, Rumsfeld, and every CEO of every business that helped cause the meltdown. Oh, and Sean Hannity and Bill O’Reilly, as well.

Posted by Dennis Soper | Report as abusive

Are you kidding me, this SOB helped rob the American people of over a TRILLION DOLLARS and gave it to his Corporate buddies. He is going to get hired for TENS of MILLIONS by one of the many Banks that are failing. This guy is a rich fool and we Americans are SUCKERS.

Posted by Tarro | Report as abusive

How can ANY of this useless, incompetent idiots have the nerve to take ANY job?? Once Democrats start uncovering the depths of their depravities, I hope they all get jobs punching out license plates. One week Paulson is asking for tsarist power over $700 billion, the next week he’s saying, “too late, we’ll spend it elsewhere.” Don’t ANY of these people have to actually qualify for their jobs? Is it just that Bush, being so incredibly mediocre himself, attracts mediocrity? Jail ’em all!

Posted by Malcolm McKinsey | Report as abusive

This lying S O B should go out in handcuffs with the rest of this administration!

Posted by Robert Egan | Report as abusive

Do Barney Frank, Nancy Pelosi, Christopher Dodd, Maxine Waters, Bill Clinton and Barack Obama get to go to jail to for all the support they gave to Fannie and Freddy in return for the campaign contributions they received? The seeds for the subprime meltdown were planted years ago (all the way back to the Carter admin) as laws were changed, regulations were relaxed and lenders were encouraged, even downright required to extend loans to folks that they knew could not repay in a downturn. I understand that there is a need to blame Bush for everything that is wrong in the world but there should be some awareness that this crisis was definitely a bipartisan effort over many administrations.

Posted by fred | Report as abusive

Don’t I wish all those cronies would end up wearing orange jumpsuits! But it will never happen. The Democrats now in power will not investigate or prosecute as they should, because they themselves would then have to be held to the same high standards.

Posted by Marla Taylor | Report as abusive

Dennis, why should Hannity and O’Reilly be imprisoned? Because they have different opinions than you? Do you intend to support any administration that would take away our first admendment right of free speech?

Posted by Jordan | Report as abusive

Jordan, there’s hundreds (if not thousands) of innocent people being held in Guatanamo and other secret prisons around the world because they have different opinions from our current president. Precedent has been set. So why can’t the next administration send Hannity and O’Reilly to rot in secret detention? They can and they should.

Posted by Andrew | Report as abusive

Problem is: all the democrats and those who voted for Obama are so willing to claim it was the Bush era causing the problems. Unfortunately some of these folks are to young to realize a lot of the democrats from the carter era and the Clinton era could have stopped many things. Mainly the deregulation of all the laws which protected the very same folks they agreed to protect. Now with all the hoopla of the new president and the new team and “CHANGE” I just hope the same folks who have padded the CEO’s of Freddie and Fannie and all the other big companies are going to help change things and not revert back to their old tricks. Some of these folks of the new economy team are well known on Wall Street and I know some have tons of experience so I hope it is the good kind and not the kind with plenty of paybacks.We shall see,as we go deeper in debt.

Posted by Reba | Report as abusive

Andrew, precedent may have been set in other countries, but that is not what the United States stands for. What you suggest could see you in jail just as easily as any of the conservative media figures. What have they done that deserves inprisonment, any more than the liberal news stations? It is ignorant to prosecute someone simply because they have different opinions. It is that ignorance that has led to the situation in Tibet.

Posted by Jordan | Report as abusive

Once upon a time in a village, a man appeared andannounced to the villagers that he would buy monkeys for $10 each.The villagers seeing that there were many monkeys around, went out to the forest, and started catching them. The man bought thousands at $10 and as supply started to diminish, the villagers stopped their effort.He further announced that he would now buy at $20.This renewed the efforts of the villagers and they started catching monkeys again.Soon the supply diminished even further and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!The man now announced that he would buy monkeys at $50.However, since he had to go to the city on some business, his assistant would now buy on his behalf. In the absence of the man, the assistant told the villagers. “Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each.”The villagers rounded up all their savings and bought all the monkeys.Then they never saw the man nor his assistant again, onlymonkeys everywhere!Now you have a better understanding of how the stockmarket works!

Posted by Brian Pellin | Report as abusive