On September 17, 2008, Federal Reserve chairman Ben Bernanke advised Secretary of the Treasury Henry Paulson that a large amount of public money would be needed to stabilize the financial system.
However, Treasury Secretary Henry Paulson believes in pursuing a less confrontational and non-protectionist approach.
Franklin, Philadelphia's Michael Nutter and Phil Gordon of Phoenix lobbied Treasury Secretary Henry Paulson in a joint letter asking for a share of the proposed $700 billion bailout.
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A number of former Goldman-Sachs top executives, such as Henry Paulson and Ed Liddy were in high-level positions in government and oversaw the controversial taxpayer-funded bank bailout.