No Longer Master of the Universe

Treasury Secretary Henry Paulson’s flip-flop over how the Bush Administration will use the $700 billion it requested from Congress has hurt his reputation, frightened the stock market, and emboldened special interest lobbyists who want in on the money. His old company Goldman Sachs isn’t doing too well either, although it’s still on track to pay out big bonuses.

CRC’s October overview of Goldman Sachs is already dated as to specific events: We were unhappy over Paulson’s bailout of Fannie Mae and Freddie Mac–old news. But it bears re-reading as a commentary on what’s happened and how fast things are unravelling.