WASHINGTON – Goldman Sachs chief Henry M. Paulson Jr., President Bush's pick as the next Treasury secretary, will sell his substantial holdings in the Wall Street investment firm, the White House said Thursday.
Spokeswoman Dana Perino said Paulson is making the sale in order to conform with federal conflict-of-interest rules.
She said the sale would include all of his holdings in Goldman Sachs. Perino also said that both Paulson and his wife will sell any assets that create conflicts of interest.
Paulson owns 3.23 million shares of stock in Goldman Sachs Group Inc. which would be worth more than $480 million at the current value of Goldman stock. Paulson's total net worth is estimated to be above $700 million.
Bush picked Paulson last month to succeed Treasury Secretary John Snow. The administration is hoping that the 32-year veteran of one of Wall Street's premier investment houses will bolster the administration's sales efforts for Bush's economic policies.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox