Investment banker sworn in as Bush's treasury secretary

Washington - Henry Paulson, the former chairman of Goldman Sachs investment bank, was sworn in Monday as President George W Bush's treasury secretary. Paulson, 60, took a massive pay cut to become the 74th person to hold the position, replacing John Snow, who announced his resignation on May 30. Paulson comes into office with a robust US economy but also with lingering concerns about the size of the federal budget and US trade deficits. 'He will work to keep this economy of ours competitive and growing, and he will work to ensure fair treatment for America's goods and services across the world,' Bush said at a White House ceremony. Paulson pledged to keep the US economy on course. 'We must ensure that our economy remains strong, our markets remain competitive and our workers have the opportunity to realize their full economic potential,' he said. © 2006 dpa - Deutsche Presse-Agentur

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not so fastJul 10th, 2006 - 19:31:27

Massive Pay Cut!?! This guy got a $200,000,000 tax free gain on his GS stock holdings via a little know tax code provision to encourage 'public service'. If he serves the two plus years remaining in Bush's term that works out to about $40,000 per hour. Nice signing bonus, huh?

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