Investment banker named US treasury secretary

Henry Paulson, the chairman of investment bank Goldman Sachs, has been
nominated as the US treasury secretary to replace from John Snow, who is
resigning after three years in the job.

Paulson has been chairman and chief executive of Goldman Sachs since May
1999, when the bank went public, and has worked at the banks since the 1970s.

Referring to him as Hank, president Bush described the American economy as
‘powerful, productive and prosperous’ and said he looked forward to working with
Paulson to ‘keep it that way’.

Bush has had a hard time keeping treasury secretaries after Snow’s
predecessor Paul O’Neill, the former boss of aluminium maker Alcoa, spent only
eighteen months in the job before resigning at the end of 2002.

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