Hank Paulson Admits He Never Really Understood How Mortgage-Backed Securities Worked

Hank Paulson Admits He Never Really Understood How Mortgage-Backed Securities Worked

Here’s more proof that the people who probably should have known how they were making all that housing bubble money never did—even those who personally made tens of millions off of it. The Business blog at The Atlantic notes a quote Hank Paulson, former Goldman Sachs CEO and Treasury Secretary, gave Newsweek: “I didn’t understand the retail market; I just wasn’t close to it.”

Days Before Bankruptcy, Lehman Brothers Approved $100 Million Parachute

Days Before Bankruptcy, Lehman Brothers Approved $100 Million Parachute

The Times of London says that a mere three days before Lehman Brothers went bankrupt, the firm approved $100 million in payouts to departing executives.