VoyForums
[ Show ]
Support VoyForums
[ Shrink ]
VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 123456789[10] ]


[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 02:40:38 10/19/07 Fri
Author: Bob-O-Link
Subject: TREASURY SECRETARY HENRY PAULSON ADMITS CONFLICT OF INTEREST ON 3COM

Oct 6, 2007

Treasury official recused on 3Com

Paulson admits conflict of interest

By Kevin Carmichael BLOOMBERG NEWS

U.S. Treasury Secretary Henry Paulson won’t participate in any government review of the purchase of 3Com Corp. because his former employer, Goldman Sachs Group Inc., is advising 3Com in the deal, his spokeswoman said.

Boston-based Bain Capital LLC said Sept. 28 that it is teaming with Huawei Technologies Co., China’s biggest maker of telecommunications-networks equipment, to buy 3Com for $2.2 billion. Bain has voluntarily submitted the acquisition agreement for review by U.S. authorities for security concerns.

Paulson chairs the Treasury’s Committee on Foreign Investment in the United States, or CFIUS, which reviews international investments that have national-security implications. He was chairman of Goldman for eight years before moving to Washington.

“Secretary Paulson would not have any involvement in a CFIUS review of this transaction,” Brookly McLaughlin, Paulson’s spokeswoman, said yesterday in Washington.

Huawei will take a 16.5 percent stake in 3Com, which is based in Marlboro, Mass.

“The U.S. government review in this matter will conclude that the company will be firmly controlled by an American firm, have only a small minority foreign shareholder and that the deal presents no risks to national security,” Bain said in an e-mailed statement.

The Treasury secretary is chairman of CFIUS, a multi-agency panel that reviews purchases of domestic assets involving companies based abroad, so any analysis would normally involve the secretary.

Paulson, who was sworn in as Treasury chief on July 10, 2006, was obligated to remove himself from any decisions involving Goldman Sachs for one year. Paulson took that a step further and pledged to recuse himself from anything that directly involves Goldman Sachs for his entire tenure as secretary, McLaughlin said.

Also check out:

http://www.kycbs.net/Peregrine-Fund.htm
http://www.kycbs.net/Peregrine-Gallery.htm
http://www.kycbs.net/Treasury.htm
http://www.kycbs.net/NatureConservancy.htm
http://www.kycbs.net/GoldmanSachs.htm

[ Next Thread | Previous Thread | Next Message | Previous Message ]


Replies:


Post a message:
This forum requires an account to post.
[ Create Account ]
[ Login ]
[ Contact Forum Admin ]


Forum timezone: GMT-8
VF Version: 3.00b, ConfDB:
Before posting please read our privacy policy.
VoyForums(tm) is a Free Service from Voyager Info-Systems.
Copyright © 1998-2019 Voyager Info-Systems. All Rights Reserved.