Hank Paulson Admits He Doesn't Understand Mortgage Securities

This quote, from Newsweek's piece on former Treasury Secretary Hank Paulson, strikes me as a bombshell:

Paulson--by his own admission--was not paying much attention to the way banks were slicing and dicing mortgages and selling them as complex securities. "I didn't understand the retail market; I just wasn't close to it," he told NEWSWEEK.

If Newsweek won't play prosecutor, I will: "Hank Paulson, you were Goldman's chief executive as mortgage securities boomed in 2004-5. Your earned an incredible severance, partly because of it. And you say you didn't understand mortgage securities? How is that remotely possible?"

Full Article Here

Newsweek Article

The author of the article brings up a very good point ... how can someone who was the CEO of a mortgage securities company, especially Goldman Sach's, not understand mortgage securities? this just boggle's my mind ... interesting that he's also is part of the whole process of rebuilding the industry....

what are your thoughts?

To answer your question of how he could not know.....


Real simple: HE LIED!


Its what these crooks do!

Well if it took me 5 days of hard internet search to even try to understand this stuff, Im sure he never tried to learn them.

He's a snake that needs his head chopped off.

reply to post by Tentickles


yeah, but don't you think since he was the CEO of Goldman Sach's he should actually study up on what his company does?

oh wait never mind that's too obvious