Treasury Secretary Henry Paulson says that the United States is examining the subprime mortgage crisis to ensure that "yesterday's excesses" are not repeated. He could be talking about himself and his former firm, Goldman Sachs.
Paulson does not mention that Goldman still has on the market an estimated $13 billion of almost $37 billion in bonds backed by subprime loans or second mortgages that it created while he was its chief executive.
Executive Producer of The Professional Left Podcast. On staff at Crooks and Liars since 2007. Master's degree from Harvard. Happy wife of Driftglass. Mother of three geniuses. Obsessive knitter. Blogs at http://bgalrstate.blogspot.com. .
Just want to say for this and other reasons, I'm happy to be an ex-Wells Fargo customer. They're not the only bank that steered minority borrowers who qualified for regular loans to subprime mortgages, but I don't think $175 million begins to Read more...