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I passionately disagreed with treasury secretary hank paulson's plan to bail out the banks by using a public fund called the troubled asset relief program (tarp) to help banks take toxic assets off their balance sheets. i argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.

-George Soros

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I Passionately Disagreed With Treasury Secretary Hank

George Soros

I passionately disagreed with treasury secretary hank paulson's plan to bail out the banks by using a public fund called the troubled asset relief program (tarp) to help banks take toxic assets off their balance sheets. i argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.

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    <p style="font-size: 1.2rem; font-style: italic; margin-bottom: 10px;">"i passionately disagreed with treasury secretary hank paulson&amp;#039;s plan to bail out the banks by using a public fund called the troubled asset relief program (tarp) to help banks take toxic assets off their balance sheets. i argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves."</p>
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Balance Toxic Relief

More From George Soros

Goldman sachs was fundamentally responsible for the crash of 2008, but by that time its former chairman and chief executive officer, henry 'hank' paulson, had been installed as us treasury secretary to begin the bank bail out policy, with enormous benefit to goldman sachs, in the closing weeks of the bush administration. goldman sachs was also instrumental in the collapse of the economy in greece that started the 'euro panic' that later engulfed ireland.

To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. money, money everywhere and still not enough! and then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?

Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, silicon valley. in this case i think he was referring to some of the european banks shedding assets, and the big buyers are probably not going to be big american banks. someone like blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.

Not every company went bankrupt. not every bank needed tarp [troubled asset relief program]. so i'm very proud that jpmorgan, throughout that time period, was completely steadfast. we bought bear stearns because we thought we were helping the situation. we didn't cut and run.

You didn't plan to write a story; it just happened. well, it could be argued that the next thing you should do is find a hole to dig. right? so you start digging a hole and then somebody brings a body along and puts it in. that's what a story must feel like to me. it's not that you say, "i want to write a story about a gravedigger." but you're walking along and "i don't know what i'm doing here in this story,' and - boop! a shovel. "oh, interesting. ok, what does one do with a shovel? digs a hole. why? i don't know yet. dig the hole! oh, look a body."

As alaska zipped through something obvious about linear equations, stoner/baller hank walsten said, "wait, wait. i don't get it." "that's because you have eight functioning brain cells." "studies show that marijuana is better for your health than those cigarettes," hank said. alaska swallowed a mouthful of fries, took a drag on her cigarette, and blew a smoke at hank. "i may die young," she said. "but at least i'll die smart. now, back to tangents.

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