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n other words the point of the meeting was nothing short of the former Goldman CEO telling all his former Goldman colleagues just what he was planning on doing in his capacity as Treasury Secretary.
Others also benefited:
Non-Goldman Sachs alumni who attended included short seller James Chanos of Kynikos Associates Ltd., who helped uncover the Enron Corp. accounting fraud; GSO Capital Partners LP co-founder Bennett Goodman, who sold his firm to Blackstone Group LP in early 2008; Roger Altman, chairman and founder of New York investment bank Evercore Partners Inc.; and Steven Rattner, a co-founder of private-equity firm Quadrangle Group LLC, who went on to serve as head of the U.S. government’s Automotive Task Force. Another person in attendance: Michele Davis, then-assistant secretary for public affairs at the Treasury Department, who now represents Paulson as a managing partner at public relations firm Brunswick Group Inc. In an e-mail response to Bloomberg Markets, she referred all questions to Paulson’s book on the financial crisis, “On the Brink” (Business Plus, 2010), which makes no mention of the Eton Park meeting.
No mention? What a shocker. Perhaps it may have to do with this:
The fund manager who described the meeting left after coffee and called his lawyer. The attorney’s quick conclusion: Paulson’s talk was material nonpublic information, and his client should immediately stop trading the shares of Washington- based Fannie and McLean, Virginia-based Freddie.
A Different Message
At the Eton Park meeting, he sent a different message, according to a fund manager who attended. Over sandwiches and pasta salad, he delivered that information to a group of men capable of profiting from any disclosure.
Around the conference room table were a dozen or so hedge- fund managers and other Wall Street executives -- at least five of them alumni of Goldman Sachs Group Inc. (GS), of which Paulson was chief executive officer and chairman from 1999 to 2006. In addition to Eton Park founder Eric Mindich, they included such boldface names as Lone Pine Capital LLC founder Stephen Mandel, Dinakar Singh of TPG-Axon Capital Management LP and Daniel Och of Och-Ziff Capital Management Group LLC.
Originally posted by VonDoomen
reply to post by XPLodER
This is something I read a while back, and maybe you can find this info again and add it to your thread?
Another great trick our "leaders" have is this-
When the president nominates someone for a cabinet position, that person is afforded a very exclusive right.
For example, Paulson was nominated treasury secretary by bush. Now in order for Paulson to maintain any ounce of credibility, he basically had to sell his shares in certain companies, so that he wouldnt be able to influence his own wealth through being treasury secretary(atleast not directly ). So in order to make this fair, whenever a person does this, they are not TAXED on the income from selling off their stocks.
So, when paulson became Sect. Treas. he got to sell about $400Million worth of stock and not have to pay 1 red cent in tax. I hope you can dig this info up!
When Hank Paulson agreed to become Treasury Secretary in May of 2006, he found himself in a bit of a pickle. You see, he owned about $500 million in Goldman Sachs stock, from his days as CEO of the firm. So to avoid any appearance of a conflict of interest, government rules forced Mr. Paulson to sell all that stock. Phew, looks like we dodged a bullet there… Mr. Paulson’s conflict of interest also brought a very unique benefit: He didn’t have to pay any capital gains taxes on the sale of that stock — zero. The Economist estimated his tax savings to be $200m.