Does anyone know how much the Treasury Secretary job really pays? Hank Paulson, our most recently appointed Treasurer Secretary, resigned as CEO of Goldman Sachs to accept this appointment. In most companies the CEO is one of the highest paid people. I would assume since Paulson’s net worth is around $700 million dollars – he was not an exception.
On Friday, Goldman Sachs earned nearly $4 billion dollars on Industrial & Commercial Bank of China’s initial public offering. This windfall was the result of Paulson’s more than 70 visits to China. If he was still working for Goldman quite a bit of this would have made it into his pocket. You don’t build $700 million dollars in net worth by walking away from deals of this nature. Thus, this leaves me quite perplexed. Either Paulson is still on Goldman’s payroll or we are paying him way more than what is being reported.
Just as I figured Mr. Paulson is no dummy. He may have taken a $38 million dollar pay cut by accepting the Treasurer Secretary job, but it looks like he may save nearly $100 million in taxes.