Everything about Henry Paulson totally explained
Henry Merritt "Hank" Paulson Jr. (born
March 28 1946) is the
United States Treasury Secretary and member of the
International Monetary Fund Board of Governors. He previously served as the
Chairman and
Chief Executive Officer of
Goldman Sachs, one of the world's largest and most successful
investment banks.
Paulson was nominated by
U.S. President George W. Bush to succeed
John Snow as the Treasury Secretary on
May 30,
2006. On
June 28,
2006, he was confirmed by the
United States Senate to serve in the position. Paulson was officially sworn in at a ceremony held at the Treasury Department on the morning of
July 10,
2006.
Early life and family
Born in
Palm Beach,
Florida, to Marianna Gallaeur and Henry Merritt Paulson, a wholesale jeweler, he was raised in
Barrington Hills,
Illinois. Paulson attained the rank of
Eagle Scout in the
Boy Scouts of America. Paulson received his
Bachelor of Arts in English literature from
Dartmouth College in 1968; at Dartmouth he was a member of
Phi Beta Kappa and was an
All Ivy,
All East, and honorable mention
All American as an offensive lineman. He was also a member of
Sigma Alpha Epsilon fraternity, played
intramural sports and
lacrosse, and president of the Christian Science Organization.
He met his wife Wendy during his senior year. The couple have two adult children,
Henry Merritt III and Amanda Clark, and became grandparents in June of 2007. They maintain homes in
Washington, DC and
Barrington Hills, Illinois
In 1970 Paulson received a
Master of Business Administration degree from
Harvard Business School.
Career highlights
Paulson was Staff Assistant to the
Assistant Secretary of Defense at
The Pentagon from 1970 to 1972. eventually succeeding
Jon Corzine (now
Governor of New Jersey) as its chief executive. His compensation package, according to reports, was
US$37 million in 2005, and US$16.4 million projected for 2006. His net worth has been estimated at over $700 million. He has been a member of
The Nature Conservancy for decades and was the organization's board chairman and co-chair of its
Asia-
Pacific Council.
Paulson is also on the Board of Directors of the
Peregrine Fund; was the founding Chairman of the Advisory Board of the School of Economics and Management of
Tsinghua University in
Beijing; and, previously served as chairman of the influential trade group, the
Financial Services Forum.
Notable among the members of President Bush's cabinet, Paulson has said he's a strong believer in the effect of human activity on
global warming and advocates immediate action to decrease this effect.
Treasury Secretary nomination
On
May 30,
2006, Treasury Secretary
John W. Snow resigned. Bush immediately nominated Paulson to head the Treasury department. On
June 28,
2006, the
United States Senate confirmed Paulson to serve in this position.
Paulson's three immediate predecessors as CEO of Goldman Sachs —
Jon Corzine,
Stephen Friedman, and
Robert Rubin — each left the company to serve in government: Corzine as a U.S. Senator (later
Governor of New Jersey), Friedman as chairman of the
National Economic Council (later chairman of the
President's Foreign Intelligence Advisory Board), and Rubin as both chairman of the NEC and later Treasury Secretary under President
Bill Clinton.
Acts as Treasury Secretary
Paulson has quickly distinguished himself from his two predecessors in the Bush administration by formally identifying the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury.
Paulson's former Goldman Sachs co-worker, Bob Steel, has been nominated as Undersecretary of the Treasury for Domestic Finance.
Paulson has conceded that chances were slim for agreeing on a method to reform
Social Security financing, but said he'd keep trying to find
bipartisan support for it.
He also helped to create the
Hope Now Alliance to help struggling homeowners during the
2007 subprime mortgage financial crisis.
Further Information
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