Goldman Sachs goes to Washington . . . again

Posted Jul 21st 2008 6:22PM by Tom Taulli
Filed under: Goldman Sachs Group (GS), Wachovia Corp (WB)

For veterans of the finance world, the credit crunch is a mind-numbing conundrum. For example, Treasury Secretary Hank Paulson -- who was a former Goldman Sachs Group, Inc. (NYSE: GS) chief -- sometimes seems befuddled.

So, why not bring on board some other super smart finance folks?

Well, that's what Paulson is doing. In fact, this week he snagged Ken Wilson, who is the vice chairman of investment banking and chairman of financial institutions business at Goldman. Interestingly enough, he's been structuring some of the key banking deals over the past year, such as the financing of National City Corporation (NYSE: NCC) and advisory work for Wachovia Corporation (NYSE: WB).

True, Wilson's stint will be short-term (lasting until January 1st, when George Bush will leave the White House). But, for the US taxpayers, it's a pretty good deal. After all, he is going to forgo any compensation.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Tags: credit crunch, CreditCrunch, Hank Paulson, HankPaulson, ken wilson, KenWilson, ncc