An Offer They Chose Not To Refuse

October 15, 2008 by John H. Taylor | Filed Under Bush Administration, Economic issues 

James Gandolfini is the only choice to play Henry Paulson in the inevitable movie about the last months of the Bush Administration. This New York Times account of the Treasury secretary doling out $250 billion in capital to the nation’s nine top bankers — whether they said they needed it or not — makes Oliver Stone’s “W,” at least as it’s being reviewed, sound like a Lifetime movie in comparison.

The chairman of Wells Fargo, Richard M. Kovacevich, protested strongly that, unlike his New York rivals, his bank was not in trouble because of investments in exotic mortgages, and did not need a bailout, according to people briefed on the meeting.

With all due respect, Dick, and we mean that with every possible sincerity, we’ll decide who needs a bailout. Capice?

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