Henry M. Paulson, Jr.
Encyclopedia : H : HE : HEN : Henry M. Paulson, Jr.
Henry "Hank" Merritt Paulson, Jr. (born March 28 1946) is the United States Treasury Secretary. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs, a large investment bank.
He was nominated by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary on May 30, 2006.White House (2006). [President Bush Nominates Henry Paulson as Treasury Secretary]. Retrieved June 29, 2006. On June 28, 2006, he was confirmed by the United States Senate to serve in the position.Associated Press (2006). [Senate Approves Paulson as Treasury Secretary]. He began in the position on July 3, 2006, when Snow's resignation took effect. Secretary Paulson was officially sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006.
Early life and family
A devout Christian Scientist, Paulson was born in Palm Beach, Florida and was raised on a farm in Barrington, Illinois. Paulson received his Bachelor of Arts in English literature from Dartmouth College in 1968; at Dartmouth he was a member of Phi Beta Kappa and was an All Ivy, an All East, and an honorable mention All American for football.The Nature Conservancy (2006). [Henry M. Paulson, Jr.]. He was also a member of Sigma Alpha Epsilon fraternity, played intramural sports and lacrosse, was a member of the Green Key Society and president of the Christian Science Organization.In 1970 Paulson received a Master of Business Administration degree from Harvard Business School, where he also met his wife Wendy. The couple have two adult children, Henry Merritt III and Amanda Clark. They maintain homes in New York City and Barrington, Illinois.
Career highlights
Paulson was Staff Assistant to the Assistant Secretary of Defense at The Pentagon from 1970 to 1972. He then worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973.He joined Goldman Sachs in 1974, working in the firm's Chicago office. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became Managing partner of the Chicago Office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998;Goldman Sachs (2006). [Goldman Sachs Group, Inc - Management]. eventually succeeding Jon Corzine (now Governor of New Jersey) as its chief executive. His compensation package, according to reports, was US$37 million in 2005, and US$16.4 million projected for 2006.Forbes (2006). [Henry M. Paulson, Jr.]. His net worth has been estimated at over $500 million.
Civic activities
Paulson has been described as an avid nature lover. He has been a member of the Nature Conservancy for decades and is the organization's Board chairman and co-chair of its Asia-Pacific Council. In that capacity, Paulson worked with former President of the People's Republic of China Jiang Zemin to preserve the Tiger Leaping Gorge in Yunnan province. He donated US$100 million worth of his Goldman Sachs stock to a family foundation dedicated to conservation and environmental education.Paulson is also on the Board of Directors of the Peregrine Fund.
He was the founding Chairman of the Advisory Board of the School of Economics and Management of Tsinghua University in Beijing.
Treasury Secretary nomination
On May 30, 2006, Treasury Secretary John W. Snow resigned. President Bush immediately nominated Paulson to head the Treasury department. On June 28, 2006, the United States Senate confirmed Paulson to serve in this position.
Paulson's three immediate predecessors as CEO of Goldman Sachs — Jon Corzine, Stephen Friedman, and Robert Rubin — each left the company to serve in government: Corzine as a U.S. Senator (now Governor of New Jersey), Friedman as chairman of the National Economic Council (NEC), and Rubin as both chairman of the NEC and later Treasury Secretary under President Bill Clinton.White House (2006). [President Commends Senate for Confirming Henry Paulson as Treasury Secretary]. Retrieved June 29, 2006.
References
Further reading
- [Fortune Magazine: Hank Paulson's secret life]
- [AP story: Paulson picks bird watching over golf]
- [Derivatives Financier Henry Paulson Nominated To Head U.S. Treasury: Will His Derivatives Bubble Be An Economic Tsunami?]
External links
- [Henry Paulson's federal campaign contributions]
- [Paulson's biography] at referenceforbusiness.com
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| Jim Flaherty (Canada) | Thierry Breton (France) | Peer Steinbrück (Germany) | Tommaso Padoa-Schioppa (Italy) | Sadakazu Tanigaki (Japan) | Alexei Kudrin (Russia) | Gordon Brown (UK) | Henry M. Paulson, Jr. (USA) |
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