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News Link • Federal Reserve

Paulson Sought Goldman-Wachovia Merger, Magazine Says

• Bloomberg

Paulson and Federal Reserve ChairmanBen S. Bernanke also told Morgan Stanley Chief Executive Officer John Mackhe should be willing to sell his firm to JPMorgan Chase & Co. for $1 a share, according to excerpts from Sorkin’s new book, “Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System -- and Themselves.”

“Hank, if you do this, you’ll get killed,” said Jim Wilkinson, Paulson’s chief of staff, referring to the Wachovia deal in Sorkin’s account. Paulson “would be accused of lining the pockets of his friends at Goldman; the ‘Government Sachs’ conspiracy theories would flourish,” Wilkinson said, according to the excerpts.

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