The link (Read more) will take you to all 6 articles. You may want to add your name to the distribution list (free).   | | Tuesday, August 11, 2009 | | Morning Coffee 8/11: Is Hank Paulson Above Reproach? | | By Gayathri Vaidyanathan | | | Bull/Bear Report
Tracking the Finance Job Market | | | Surefire Way to Avoid Layoffs
A new study by Harvard Business School shows that layoff decisions may have little to do with performance.
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| | View All | | | | | | Hank Paulson's calendars and phone records have called his ethics into question.
The former Treasury Secretary and Goldman Sachs alum is facing tough questions about his decision to prop up banks with billions of taxpayers' dollar during the financial crisis.
The New York Times revealed on Sunday that Paulson had been in "very frequent contact" with Goldman's CEO during the crisis, speaking about 24 times over the telephone the week AIG collapsed.
| Goldman received $13 billion from the government through the AIG bailout, and was allowed to convert into a national bank from an investment bank right in the middle of the crisis. The bank has been soaring this year.
Paulson did sign an ethics waiver on Sept. 17, 2008, but this was after Goldman's rivals, Bear Stearns and Lehman Brothers, had been allowed to fail.
A spokeswoman for Paulson, Michele Davis, said the doubts were unwarranted.
"Suggesting that AIG was saved for the sake of one firm is as ridiculous as saying firemen put out a fire in a skyscraper to protect just one of the thousands of people in the building," said Davis.
AIG's New Chief
Robert Benmosche, who took over at AIG yesterday, is expected to be the most "decisive, direct, and tough" leader since Maurice Greenberg left in 2005 due to an accounting scandal. (WSJ)
Pay Czar Set to Crack Whip
Wall Street has defaulted to guaranteed bonuses to keep top talent. But Kenneth Feinberg, the Obama administration's compensation czar, is likely to frown upon the practice this week when he reviews pay packages at seven firms. (DealBook)
China Expansion
BNP Paribas is planning to expand its investment banking operations in the Greater China region, and it has hired Margaret Ren, formerly of Merrill Lynch, as banking chairman. (Reuters)
Rebuilding Empires
The great-great grandson of A.G. Edwards (which was acquired by Wachovia in 2007, now a part of Wells Fargo) is attempting to recreate the old glory of his family's business heritage. He has started his own brokerage house, again in St. Louis, where A.G. Edwards & Sons was founded 120 years ago. (WSJ)
False Dawn
The unemployment rate fell from 9.5% to 9.4% in July, prompting a mini-rally in the stock market last week. But the rate also fell because nearly half a million workers have given up looking for employment, cautioned experts. (Breakingviews.com premium)
Ladies of the Crisis
At Clusterstock: Ten ladies who helped clean up, cover up or warn others about the financial mess of 2008, sometimes with bad results. (Clusterstock)
Hunting for Goodwill
JPMorgan Chase will auction off the TARP warrants it gave to the Treasury in return for capital, instead of buying them back in private at dirt-cheap rates as did many other banks. Is it trying to accumulate good karma for its bankers? (Clusterstock)
When Banker Meets Beauty
The dating market is looking up for models and brokers. With the recession officially over, a party exclusively for women who work in fashion and men from Wall Street, signaled a return to 'happier' times. (NYT)
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