by Wi Lu Wung, CPW News Services
Confucius said "That the birds of worry and care fly above your head, this you cannot avoid, just don't let them make nests in your hair." Were Confucius alive today he would say "Unless your are Americans and have some oil for China."
Henry Paulson's book deal on China has been in the works since 2011 according to the Wall Street Journal's Katie Glueck ("Hank Paulson Inks Deal To Write Book on U.S.-China Ties, WSJ, June 22, 2011).
Glueck quotes Williams & Connolly's attorney, Robert Barnett, a senior partner at Williams & Connolly LLP who is representing Mr. Paulson and his book and who said that it “will be an indispensable primer for anyone wanting to do business in China or deal with the Chinese.”
Glueck further indicated that Paulson's growing interest in helping China succeed began well before the bailout which promised the purchase of toxic assets that had Americans believing it was "a deal done on the fly for the benefit of the too-big-to-fail banks," according to one local Omaha banker. "Ninety-five percent of local banks were solvent at the time of the bailout," the banker lamented. "I wouldn't be surprised that Paulson wasn't working on becoming the point man for the Chinese in America well before the bailout," he continued. This was a point confirmed by Glueck who wrote:
"Mr. Paulson cultivated ties with China while at Goldman Sachs, making dozens of trips to that country. As Treasury secretary, he pursued a strategy of economic engagement with Beijing, and co-chaired the U.S.-China Strategic Economic Dialogue, an initiative launched in 2006 that promoted high-level talks about economic policy."
"This little Texas two-step may have been in the works for a long, long time and we were just too stupid to see it coming. So here it comes! Texas: America Supersized!" he concluded.