You are here
Ted Butler: Facts and speculation
By Terrence Hunt
Associated Press
Tuesday, May 30, 2006
http://news.yahoo.com/s/ap/20060530/ap_on_go_pr_wh/white_house_shake_
up
WASHINGTON -- Treasury Secretary John Snow has resigned and will be
replaced by Goldman Sachs Chairman Henry M. Paulson Jr., a senior
administration official said Tuesday, in another chapter of a White
House shake-up to revive President Bush's troubled presidency.
Bush was to announce the changes in a White House ceremony later
Tuesday.
Snow, the former head of railroad giant CSX Corp. who has a Ph.D. in
economics, has been Treasury secretary since February 2003. His
departure has been rumored for more than a year.
Paulson has been chairman of Goldman Sachs for about eight years. It
is considered one of the premier financial firms on Wall Street and
has sent a number of its top executives to high positions in
Washington.
Robert Rubin, one of Paulson's predecessors, served as Treasury
secretary in the Clinton administration, and Jon Corzine, another
Goldman Sachs chairman, served as a U.S. senator from New Jersey and
is now governor of that state.
Speculation that Paulson would take over from Snow increased after
Bush shook up his White House staff earlier this year, replacing
Andrew Card as his chief of staff with Joshua Bolten, a former
Goldman Sachs executive who had worked with Paulson.
Card's departure was followed by a string of other personnel moves
as Bush sought to reinvigorate his presidency, mired in the lowest
approval ratings since he took office in 2001. Among other changes,
Bush forced out CIA chief Porter Goss, trimmed the portfolio of
political adviser Karl Rove and replaced press secretary Scott
McClellan.
Snow has called Paulson "a very able executive, a friend of mine."
Paulson is also a millionaire many times over. Last year, the
Goldman Sachs group said it paid Paulson $30 million in total
compensation in 2004 -- almost a 40 percent gain from the year
before.
In tapping Paulson for the Treasury job, the administration is
seeking a more effective spokesman to tout Bush's economic
accomplishments of low unemployment and solid economic growth.
White House officials believed that a Wall Street executive with
Paulson's talents could better make the case for the
administration's economic program.
Paulson is leaving Goldman Sachs at a time when its stock is trading
at historic highs and with his chosen successor, Lloyd C. Blankfein,
ready to take over.
Paulson was known on Wall Street for his dedicated support of
environmental causes. Earlier this year, he made a gift of $100
million in Goldman stock to a family foundation dedicated to
conservation and environmental education. Even after that gift,
Paulson has a net worth estimated at more than $500 million.
Paulson, who was known to favor bird-watching in New York's Central
Park to playing golf, is chairman of the Nature Conservancy and the
chairman emeritus of the Peregrine Fund.
Last year Goldman Sachs donated 680,000 acres in Chile to the
Wildlife Conservation Society.
Snow has been Treasury secretary since February 2003. He took over
for Paul O'Neill, who was forced to resign because of policy
disagreements with the White House.
Snow has been a loyal proponent of the administration's economic
policies, traveling the country as a salesman for Social Security
reform and an overhaul of the tax code. But his standing suffered as
both proposals stalled.
Financial disclosure forms have put Snow's estimated worth at
between $43 million and $128 million. Two years ago he acknowledged
an error of more than $10 million in his investment portfolio that
caused him to lose nearly half a million dollars.
----------------------------------------------------
To subscribe to GATA's dispatches, send an e-mail to:
gata-subscribe@yahoogroups.com
To unsubscribe, send an e-mail to:
gata-unsubscribe@yahoogroups.com
Caution: America Online prohibits delivery of GATA
dispatches to AOL e-mailboxes.
----------------------------------------------------
RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
Subscription sites:
http://www.lemetropolecafe.com/
http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
Centennial Precious Metals
Box 460009
Denver, Colorado 80246-0009
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com
MRCS Canada
12303-118 Ave. NW
Edmonton, Alberta T5L 2K2
Canada
http://www.mrcscanada.com
Michael Riedel, Proprietor
1-877-TRY-MRCS
1-877-879-6727
mrcscanada@shaw.ca
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Richard Nachbar Rare Coins
5820 Main St., Suite 601
Williamsville, N.Y. 14221-8232
877-622-4227
http://www.CoinExpert.com
nachbar@coinexpert.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
HOW TO HELP GATA
If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card (MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html
By GoldMoney:
http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.
GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.
