If the big international financial bankers do not want to loan money to big business. Then big business should acquire loans locally. Like through a CREDIT UNION. Credit unions don't ponzi scheme thier assets, therefore they are safe and not affected by the so call credit crunch.

The credit crunch is a problem between the Goldman Sachs of the industry because the were inflating their assets many times over. It's simple if you have a business think local...think CREDIT UNION. The more deposits a credit union has, the more money it will be able to loan to spur industry (locally) and increase economic growth (locally).

Goldman's chief to take on Treasury
Paulson nominated by President Bush to succeed John Snow as secretary, boost public perception of performance.
By Chris Isidore, CNNMoney.com senior writer
May 30, 2006: 1:36 PM EDT

Goldman's chief to take on Treasury
Paulson nominated by President Bush to succeed John Snow as secretary, boost public perception of performance.
By Chris Isidore, CNNMoney.com senior writer
May 30, 2006: 1:36 PM EDT

NEW YORK (CNNMoney.com) - President Bush on Tuesday named Goldman Sachs CEO Henry Paulson to be the next Treasury Secretary, succeeding John Snow.

Bush made the announcement at a brief White House ceremony, flanked by Paulson and Snow, whose resignation had been widely expected.

In his remarks, Bush said the Treasury Secretary would be the leading force on his economic team, as well as the chief spokesman for his economic policies, and he praised Paulson's experience and integrity.

"He has a lifetime of business experience, he has an intimate knowledge of financial markets, and an ability to explain economic issues in clear terms," Bush said. "He's earned a reputation for candor and integrity. And when he is confirmed by the Senate, he'll be a superb addition to my Cabinet."...

...Leaving Goldman on top

Paulson, 60, is leaving Goldman while the firm is riding high.

The company had earnings in 2005 of $5.6 billion up 24 percent from a year earlier. Earnings per share have handily beat Wall Street forecasts in six of the last eight quarter, meeting forecasts once and missing only once. Its shares have outperformed its Wall Street competitors over the last 12 months, rising more than 50 percent in value during that time.

His compensation last year reflected that performance.

Paulson made more $38 million in 2005, according to Goldman's proxy statement, with most of that, $30.1 million, coming from restricted stock awards, and stock options valued at $7.3 million. He got $29.2 million in stock grants in 2004 and $20.8 million in 2003, on top of his base pay of $600,000 each of the last three years.

His Goldman stock holdings at the end of 2005 were worth just under $700 million at current prices, not including the value of his stock options. But those prices were somewhat lower Tuesday, as Goldman shares lost about 1.5 percent on news it is losing its CEO.

The pay for the post of Treasury secretary is currently $175,700 a year, or less than what Paulson earned in two days last year, based on his total compensation. If Paulson's confirmed, American taxpayers will be paying him just a bit more than the $153,931 that Goldman Sachs paid to provide him with a car and driver in 2005.

"I want to thank Hank for his willingness to leave one of the most rewarding jobs on Wall Street to serve the American people," Bush said. "Hank's going to make an outstanding Secretary of the Treasury."