At 11:00ET today, Secretary Paulson announced his intention to resign his cabinet position effective immediately. Speaking to a small group of Treasury Department insiders, Paulson commented that his dynamic strategy of "throwing shit against the wall" had apparently left a stain on the White House that would be best removed by the incoming administration.
White House Press Secretary, Dana Perino, indicated that President Bush would receive the news "immediately after his afternoon nap" and that, for the moment the White House had "no comment".
Paulson indicated that there would be no interim successor for his position commenting that "there are candidly no new ideas present in the outgoing administration" and that "capitalism is now in God's hands".
The markets reacted positively closing up 700 points.
Citigroup President, Vikram Pandit, indicated that the corresponding resignation and market boost are "unrelated, random events" and that rumors that Paulson would be joining the bank as an "advisor" are untrue. "We would love to have Hank but, as everyone knows, we are in the midst of a hiring freeze" commented Pandit adding that "everyone at Citi is thankful for his support".
