Profiting from Bailouts

Henry Paulson, former Treasury chief, and Warren Buffett believe that the bank bailout was a success and could even turn profitable for the U.S. government and taxpayers. Paulson recently published a book, "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System," defending the government's reaction to the economic crisis. At the Greater Omaha Chamber of Commerce's annual meeting, Paulson, supported by Buffett says, "As bad as this is, when we look back it's not as bad as it could have been." (considering Buffett contributed to helping out some banks). Paulson supports many actions taken by the government in the bank bailout, and believes that Wall Street is corrupt and executive pay packages are too high. Buffett supported Paulson throughout the speech, adding his praise for Paulson, the Bush administration, the new Obama administration, Ben Bernancke, and Timothy Geithner for their actions during the crisis.

Group 3

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