OMAHA, Neb. -- Henry Paulson, a former Treasury secretary, said that taxpayers will recover every cent paid out to banks during the economic meltdown and may even turn a profit.
Paulson, a staunch Democrat investor and the Treasury secretary under President George W. Bush, spoke yesterday before 2,400 people at the annual meeting of the Greater Omaha Chamber of Commerce.
Paulson in his recently released book defended the government, which scrambled to prevent failing U.S. banks from dragging down the global economy with them.
"As bad as this is, when we look back it's not as bad as it could have been," said Paulson, whose book is titled On the Brink: Inside the Race to Stop the Collapse of the Global Financial System.
Paulson said he thinks that compensation is normally out of whack on Wall Street, but now in the wake of all the government bailouts, many executive pay packages are excessive.
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