Resume and family background of the current US Treasury Secretary Paulson.

Henry "Hank" Henry Merritt Paulson, Jr., 1946, was born in Palm Beach, Florida, USA, and is currently the US Treasury Secretary. He was the chairman and CEO of Goldman Sachs Group, a large investment bank.

Edit this youth.

Henry Merritt Paulson was born in Florida, USA, and grew up on a farm in an agricultural town in barrington, Illinois, in the midwest, and still has a residence. He is 6 feet tall, neat in appearance and simple in speech. He studies hard in middle school. 1964 was admitted to Dartmouth University, one of the famous Ivy League schools in the eastern United States, and obtained a degree in English language. He is about 1.86 meters tall and is one of the best football players in American Ivy League schools. From 65438 to 0968, Paulson entered Harvard Business School and obtained an MBA from Harvard University.

Edit this passage to enter the American elite

1970 After graduating from Harvard Business School, Paulson stepped into the Pentagon and served as Assistant Secretary of Defense. During Nixon's presidency, he served as an assistant to the president's staff and a member of the White House Internal Affairs Committee. "Paulson is a bulldog, much like Cheney when he was young." Paulson's good friends talked about his early experiences in Washington with admiration. "He is a salesman among salesmen. He has both tenacity and enthusiasm, which makes him very efficient. "

1974 after the Watergate incident, he joined Goldman Sachs Chicago Branch and worked as a bank assistant in Chicago Branch. 1982 was promoted to partner. 1988 was appointed as the managing partner of Goldman Sachs Chicago Branch, 1993 was promoted to the regional managing partner of Midwest Investment Bank, and 1996 was appointed as the president and CEO. 1May, 1999, officially became the chairman and CEO of Goldman Sachs Group.

Edit this paragraph to laugh at Wall Street.

Under Paulson's leadership, Goldman Sachs became the most profitable investment bank on Wall Street. Although the number of employees of Goldman Sachs is only half that of Merrill Lynch and Morgan Stanley, the industry leader, its profit ranked first last year. In addition, since 2000, Goldman Sachs has maintained the first position in the global M&A business.

During his leadership of Goldman Sachs, Paulson not only won a large number of securities underwriting orders, but also led Goldman Sachs into the commodity market. As one of the biggest speculators in commodity futures, Goldman Sachs earned more from commodity futures trading than its investment banking business last year.

Paulson is also the most profitable banker on Wall Street. His salary last year was $38.3 million, higher than O 'Neill of Merrill Lynch, Fuld of Lehman Brothers, Kane of Bear Stearns and Mike of Morgan Stanley. Not only that, Paulson is also the most generous boss on Wall Street. According to the documents submitted by Goldman Sachs to the US Securities and Exchange Commission, the salary of its 22,425 employees in 2005 was $65,438+$0.65438+$700 million, with an average of $5,265,438+$0.000 per employee, which is second to none on Wall Street. Under his leadership, Goldman Sachs became the most profitable securities company in the United States. In 2005, Goldman Sachs, with a history of more than 65,438+000 years, made a record profit of $5.6 billion.

Paulson belongs to the "hawk" of American securities industry. He has been dormant at Goldman Sachs for more than 30 years. He is strict in "running the army" and has a tough wrist. "At Goldman Sachs, 15% to 20% people create 80% of the company's value, so many people can be laid off without affecting the company's performance." Paulson's classic quote still scares most employees of Goldman Sachs. Although Paulson later apologized for this statement, Goldman Sachs' "painful layoffs" did not stop. According to Fortune.

With the support of unique ideas, Goldman Sachs, Merrill Lynch and Morgan Stanley have been among the top three investment banks in the world for many years, and Paulson himself has become the most profitable boss on Wall Street. During his 32 years at Goldman Sachs, Paulson accumulated more than 500 million dollars in assets. In 2005 alone, Paulson's annual salary was as high as 38.3 million dollars. Just as Paulson was about to take up his new job and leave Goldman Sachs, the board of directors of Goldman Sachs specially prepared a "big red envelope" of $654.38+087,000 in cash for Paulson.

But as the head of Goldman Sachs, Paulson's influence goes far beyond Goldman Sachs itself. In addition to taking charge of Goldman Sachs, Paulson also assumed the responsibility of public affairs and launched the corporate governance movement on Wall Street. For example, in 2002, Paulson publicly and severely criticized the dereliction of duty of American listed companies; When the grasso case broke out, he took the lead in opposing grasso's salary structure as high as $65,438+$400 million, and advocated reorganizing the board of directors of NYSE. He also supported John Thain, the former CEO of Goldman Sachs, as the CEO of NYSE. As the top leader of Goldman Sachs, Paulson has also become one of the most influential financial experts in the United States. In 2004, in the "Wall Street Power Rankings" selected by American media, he once topped the list and was named "the king of Wall Street power".

Editor's note: Bush sincerely invites Paulson to join the cabinet.

President Bush really made great efforts to recruit Paulson into the cabinet. In the face of Bush's invitation, Paulson's first reaction was to decline politely because he didn't want to be a "vase" and a "megaphone". The first two Treasury Secretaries, Paul O 'Neill and john snow, were not members of the presidential decision-making circle, but became "salesmen" to publicize the White House tax reduction policy. After leaving office, O 'Neill felt that he was excluded from the White House decision-making circle and was in an irrelevant position.

When Bush invited Paulson to be Treasury Secretary again, they had a long talk at the White House for an afternoon. Bush promised Paulson that he would have greater decision-making power over domestic and international economic policies than Si Nuo and O 'Neill, and his substantive power would be equal to that of the Secretary of Defense and the Secretary of State, which finally moved Paulson. On May 30th, 2006, Bush formally nominated Paulson as Treasury Secretary to replace john snow who announced his resignation earlier that day.

Si Nuo's departure was not unexpected. Within a few months, White House officials privately rumored that he was about to "leave"; But Paulson's appointment was unexpected. It is said that the White House has been trying to "seduce" Paulson as Treasury Secretary, but he refused several times because the Bush administration seems to have downgraded the role of Treasury Secretary to "salesman".

Paulson once mentioned to a friend that he became the Treasury Secretary this time because he "should make a difference", so he did not hesitate to give up his $38.3 million Wall Street position and go to Washington to take office. The latter's income is only $200,000, a difference of nearly 200 times. Such a huge gap also shows that Paulson agreed to be Treasury Secretary for no reason. After all, his stake in Goldman Sachs alone is worth hundreds of millions of dollars. Soon, the autograph of "John W. Si Nuo" printed on the US dollar bill named "Green Back" was replaced by the words "Henry M. Paulson", which was the first privilege that Paulson was sworn in as the new US Treasury Secretary.

Compared with previous finance ministers, Paulson's inauguration ceremony seems to have received special attention from Bush. The president even "rarely" (AP) walked from the White House to the Treasury building to attend the ceremony. In the past, Bush usually took a bus instead of walking. When announcing Paulson's appointment, Bush praised Paulson's "rich business experience and deep understanding of the securities market, as well as his ability to see the economic situation clearly". "Paulson will be my chief adviser on local and international economic policies, and we will maintain the same attitude, formulate appropriate policies for the people, and continue to maintain the prosperity of the American economy."

"The Ministry of Finance-Wall Street * * * is another example," said Dr. Mei Xinyu of the China Ministry of Commerce, referring to Paulson's appointment. "The power of this * * * is too strong, and Si Nuo with manufacturing and transportation backgrounds is simply uneven." "It should be said that Bush had to find this person." Regarding Si Nuo's departure, Bloomberg News commented, "Although he was highly praised, he never became a real' insider' of the Bush administration."

Paulson said at the inauguration ceremony: "The economic development of the United States is closely linked to the global economy. We must work hard to promote trade and investment, promote reform and modernize the international financial market. " He also said that he will do his utmost to make the American economy continue to be a "model of vitality, flexibility and openness."

On the day of his brief inauguration declaration, Paulson immediately called a meeting of all the staff of the US Treasury Department to explain his plan for the future work of the Treasury Department. During the rest of the day, Paulson also had telephone conversations with US congressmen, government colleagues and senior financial officials from other countries.