HOUSE_OVERSIGHT_029032.jpg
2.2 MB
Extraction Summary
4
People
5
Organizations
3
Locations
2
Events
3
Relationships
5
Quotes
Document Information
Type:
Transcript / house oversight committee record
File Size:
2.2 MB
Summary
This document is a transcript page, likely from a House Oversight production, featuring a Q&A between Steve Bannon and Deborah Lubov at a conference on poverty. Bannon critiques the 2008 financial crisis, attributing it to greed and regulatory changes led by Hank Paulson that allowed excessive leverage (35:1) at banks like Goldman Sachs. He laments the lack of criminal charges or financial penalties for bank executives following the crisis.
People (4)
| Name | Role | Context |
|---|---|---|
| Steve Bannon | Speaker |
Answering questions at a conference regarding poverty and banking; identifies as former Goldman Sachs employee.
|
| Deborah Lubov | Questioner |
Vatican correspondent for Zenit news agency; formerly worked for PricewaterhouseCoopers auditing investment banks.
|
| Benjamin | Participant/Moderator |
Addressed by Bannon in the opening regarding his appearance.
|
| Hank Paulson | Former Treasury Secretary / Former Chairman of Goldman Sachs |
Mentioned by Bannon as responsible for changing leverage rules that contributed to the 2008 crisis.
|
Organizations (5)
| Name | Type | Context |
|---|---|---|
| Zenit news agency |
Employer of the questioner, Deborah Lubov.
|
|
| PricewaterhouseCoopers |
Former employer of Deborah Lubov.
|
|
| Goldman Sachs |
Former employer of both Steve Bannon and Hank Paulson; discussed in relation to leverage ratios and the 2008 crisis.
|
|
| US Department of Treasury |
Mentioned in relation to Hank Paulson's role as Secretary.
|
|
| House Oversight Committee |
Implied by the footer 'HOUSE_OVERSIGHT_029032'.
|
Timeline (2 events)
Circa 2014
Locations (3)
| Location | Context |
|---|---|
|
Location where Deborah Lubov worked for PwC.
|
|
|
Location where Hank Paulson went to request rule changes.
|
|
|
Discussed in the context of economic recovery and negative growth.
|
Relationships (3)
Bannon states 'My old firm, Goldman Sachs'
Lubov states 'I was working for PricewaterhouseCoopers'
Bannon refers to him as 'As chairman of Goldman Sachs'
Key Quotes (5)
"“For Christians, and particularly for those who believe in the underpinnings of the Judeo-Christian West, I don’t believe that we should have a [financial] bailout.”"Source
HOUSE_OVERSIGHT_029032.jpg
Quote #1
"The 2008 crisis... is really driven I believe by the greed, much of it driven by the greed of the investment banks."Source
HOUSE_OVERSIGHT_029032.jpg
Quote #2
"When we had the financial crisis in 2008, the investment banks were leveraged 35:1."Source
HOUSE_OVERSIGHT_029032.jpg
Quote #3
"Those rules had specifically been changed by a guy named Hank Paulson."Source
HOUSE_OVERSIGHT_029032.jpg
Quote #4
"Particularly the fact — think about it — not one criminal charge has ever been brought to any bank executive associated with 2008 crisis."Source
HOUSE_OVERSIGHT_029032.jpg
Quote #5
Full Extracted Text
Complete text extracted from the document (2,424 characters)
Bannon: First of all, Benjamin, I can tell you I could hardly recognize you, you’re so
cleaned up you are for the conference.
[Laughter]
Questioner: Hello, my name is Deborah Lubov. I’m a Vatican correspondent for Zenit
news agency, for their English edition. I have some experience working in New York — I
was working for PricewaterhouseCoopers auditing investment banks, one of which was
Goldman Sachs. And considering this conference is on poverty, I’m curious — from your
point of view especially, your experience in the investment banking world — what concrete
measures do you think they should be doing to combat, prevent this phenomenon? We
know that various sums of money are used in all sorts of ways and they do have different
initiatives, but in order to concretely counter this epidemic now, what are your thoughts?
cleaned up you are for the conference.
[Laughter]
Questioner: Hello, my name is Deborah Lubov. I’m a Vatican correspondent for Zenit
news agency, for their English edition. I have some experience working in New York — I
was working for PricewaterhouseCoopers auditing investment banks, one of which was
Goldman Sachs. And considering this conference is on poverty, I’m curious — from your
point of view especially, your experience in the investment banking world — what concrete
measures do you think they should be doing to combat, prevent this phenomenon? We
know that various sums of money are used in all sorts of ways and they do have different
initiatives, but in order to concretely counter this epidemic now, what are your thoughts?
“For Christians, and particularly for those who believe in the underpinnings of the
Judeo-Christian West, I don’t believe that we should have a [financial] bailout.”
Judeo-Christian West, I don’t believe that we should have a [financial] bailout.”
Bannon: That’s a great question. The 2008 crisis, I think the financial crisis — which, by
the way, I don’t think we’ve come through — is really driven I believe by the greed, much
of it driven by the greed of the investment banks. My old firm, Goldman Sachs —
traditionally the best banks are leveraged 8:1. When we had the financial crisis in 2008,
the investment banks were leveraged 35:1. Those rules had specifically been changed by a
guy named Hank Paulson. He was secretary of Treasury. As chairman of Goldman Sachs,
he had gone to Washington years before and asked for those changes. That made the
banks not really investment banks, but made them hedge funds — and highly susceptible
to changes in liquidity. And so the crisis of 2008 was, quite frankly, really never recovered
from in the United States. It’s one of the reasons last quarter you saw 2.9% negative
growth in a quarter. So the United States economy is in very, very tough shape.
And one of the reasons is that we’ve never really gone and dug down and sorted through
the problems of 2008. Particularly the fact — think about it — not one criminal charge has
ever been brought to any bank executive associated with 2008 crisis. And in fact, it gets
worse. No bonuses and none of their equity was taken. So part of the prime drivers of the
wealth that they took in the 15 years leading up to the crisis was not hit at all, and I think
the way, I don’t think we’ve come through — is really driven I believe by the greed, much
of it driven by the greed of the investment banks. My old firm, Goldman Sachs —
traditionally the best banks are leveraged 8:1. When we had the financial crisis in 2008,
the investment banks were leveraged 35:1. Those rules had specifically been changed by a
guy named Hank Paulson. He was secretary of Treasury. As chairman of Goldman Sachs,
he had gone to Washington years before and asked for those changes. That made the
banks not really investment banks, but made them hedge funds — and highly susceptible
to changes in liquidity. And so the crisis of 2008 was, quite frankly, really never recovered
from in the United States. It’s one of the reasons last quarter you saw 2.9% negative
growth in a quarter. So the United States economy is in very, very tough shape.
And one of the reasons is that we’ve never really gone and dug down and sorted through
the problems of 2008. Particularly the fact — think about it — not one criminal charge has
ever been brought to any bank executive associated with 2008 crisis. And in fact, it gets
worse. No bonuses and none of their equity was taken. So part of the prime drivers of the
wealth that they took in the 15 years leading up to the crisis was not hit at all, and I think
HOUSE_OVERSIGHT_029032
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