Business, Legal & Accounting Glossary
Henry “Hank” Paulson, Jr., was nominated United States Treasury Secretary by US President George W. Bush on June 19th, 2006. He is the 74th secretary of the treasury. Subsequently, Paulson was unanimously confirmed to the position by the US Senate on 28th June 2006 and sworn in by Supreme Court chief justice John Roberts on 10th July of the same year. As secretary of the treasury, Henry Paulson is the leading economic adviser to the President of the United States of America.
Henry Paulson was one of the main architects to federalize the cost of bad debts to prevent the collapse of the finance market in the US. Through the intervention of the US Treasury, the government turned conservator of Fannie Mae and Freddie Mac. Paulson also influenced the US government to allow a bridge loan of US $85 billion to AIG, thereby preventing the insurance giant from becoming bankrupt.
Henry Paulson was born on 28th March 1946 to his father Henry Merritt Paulson, a wholesale jeweller, and mother Marianna Gallaeur. Paulson was born in Palm Beach, Florida and brought up in Barrington Hills, Illinois. As a member of Boy Scouts of America, he reached the level of Eagle Scout. Paulson was an outstanding football player and a wrestler. He graduated from Barrington High School in 1964, and subsequently in 1968 from Dartmouth College got his Bachelor of Arts in English. He also was awarded a degree in Master of Business Administration in 1970 from Harvard Business School.
Paulson is married to Wendy and has two children Amanda Clark and Henry Merritt III.
Henry Paulson joined Pentagon as staff assistant to the assistant secretary of defence in 1970 and worked there until 1972. Then from 1972 to 1973, Paulson became a member of White House Domestic Council and served the US president as a staff assistant.
From 1974 until joining U.S. treasury in 2006, he was working with Goldman Sachs. He joined Goldman Sachs’ Chicago office in 1974 and worked in the capacities of managing partner, joint head of investment banking division, president and CEO, and co-senior partner successively. He left Goldman Sachs as chairman and CEO.
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This glossary post was last updated: 2nd April, 2020 | 2 Views.