Sorkin's New Book Details Meeting Between Paulson and Goldman Sachs in Moscow

Andrew Ross Sorkin's new book, "Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System - and Themselves" was released to the general public earlier today.

The book takes the reader through the financial meltdown that occurred in 2008-09, and makes the reader privy to a boatload of insider information that hasn't been released to the public up until this point.

The book delves into some of the dealings and negotiations that occurred (or almost occurred) at the height of the financial meltdown, revolving mostly around Goldman Sachs, Morgan Stanley and Hank Paulson.

Andrew Ross Sorkin, in case you didn't know, is a well-respected reporter for the New York Times.

Anyways, one of the most interesting stories in the book revolves around a "secret" meeting that took place between Hank Paulson (then the Treasury Secretary) and the board of Goldman Sachs.

The meeting took place in Moscow, of all places, and occurred after the collapse of Bear Stearns.

Hank Paulson apparently caught wind of the fact that the board of Goldman Sachs was due to be in Moscow, and attempted to set up a "social" meeting.

The Treasury Department's general counsel apparently had to OK the meeting, and did so with the stipulation that the meeting remain purely "social".

The chief of staff at the Treasury Department and the chief of staff at Goldman Sachs ironed out the details, agreeing that the meeting should be "kept quiet" and not listed on Paulson's official calendar.

Sorkin claims that the meeting then took place, with Paulson talking about his time in the Treasury Department and giving his opinions on the economy and other matters. According to Sorkin, Goldman Sachs' representatives also took the opportunity to quiz Paulson on a number of different matters, including whether or not another bank would be "blowing up".

It's hard to argue with conspiracy theorists when stories like this pop up an a near-daily basis..

Source: Bloomberg.com - Paulson Met Privately With Goldman's Board Last Year, Book Says

Filed under: General Knowledge