Paulson to Take Office as Treasury Secretary Next Week

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Henry M. Paulson will take office as secretary of the treasury on Monday, the administration announced.

Paulson will be sworn in by Chief Justice John Roberts in a brief ceremony at the Treasury Department, Treasury spokeswoman Brookly McLaughlin said Friday.

The chief executive of Goldman Sachs Group, one of Wall Street's premier investment firms, was tapped by President Bush to succeed John Snow in an effort to add star power to the administration's economic team.

Paulson's nomination was approved by the Senate on June 29 but his swearing-in was delayed to give him additional time to settle his affairs and comply with government conflict-of-interest rules.

The White House had announced that Paulson, estimated to be worth more than $700 million, was selling his extensive holdings in Goldman Sachs.

Last week, the company said in a regulatory filing that it was awarding Paulson an $18.7 million cash bonus for his work during the six months ending in May, a time when the company's profit doubled to $4.79 billion.

Paulson, who worked for Goldman Sachs for 32 years, owns 3.23 million shares of Goldman Sachs stock, which would be worth around $480 million.