PAULSON PANCAKED: Dartmouth Hank Is No Match For Cornell's Friedman

Paulson the offensive lineman at Dartmouth and Friedman, the much smaller wrestler from Cornell.  Guess who got his ass kicked...

From Nomi Prins' new book It Takes A Pillage, hear the true story about the banker who took down the Hammer, pinned him to the ground and had him pleading for mercy.

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Among other juicy tidbits from Nomi Prins' well-researched It Takes A Pillage, we hear the true story of how a young Hank Paulson found himself flat on his back at the mercy of a fellow Goldman Sachs banker.  That banker is none other than former Cornell grappler Stephen Friedman, erstwhile chairman at Goldman as well as the New York Fed, before he resigned amid controversy last year over suspiciously timed purchases of Goldman stock.  Friedman was replaced as Chairman of the New York Fed by William Dudley, also a former Goldman director.  

As Prins relates, sometime in the 1970's, while on an executive retreat, Paulson made the mistake of challenging the much smaller Friedman to a wrestling match.  According to the story, Friedman made short work of Paulson and had him pinned to the ground in no time.  And then pinned him several more times before the Hammer gave up.  Or, as Nomi Prins suggests, maybe the Hammer, the future CEO of Goldman, was smart enough to let his boss and mentor take the victory in hopes of better returns later on.  But we doubt it.

Read more about Stephen Friedman here...

• Is Stephen Friedman Guilty Of Insider Trading?

• How The NY Fed, Under Stephen Friedman & Tim Geithner Pressured AIG Officials To Withhold Details Of Payments To Goldman Sachs, Other Counterparties

• Bloomberg Investigates Former NY Fed Chairman Stephen Friedman Over Controversial Purchases Of Goldman Shares

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Daily Bail LIVE Interview With Larry Doyle...

• Daily Bail Radio Appearance: Stephen Friedman Gets Annihilated - Where Is The SEC?