Bailout Chief Drives a Hard Bargain

TARP CIO Lambright adept at 'high-speed game of chicken'
By Kevin Spak,  Newser Staff
Posted Apr 7, 2009 9:11 AM CDT
Bailout Chief Drives a Hard Bargain
Henry Paulson and James Lambright are seen in this 2008 file photo.   (AP Photo)

James Lambright, the man who gets final say over where a lot of the federal bailout money goes, is known at the Treasury, and to an ever-widening circle of executives at America’s biggest companies, as a hard-nosed bargainer, the Wall Street Journal reports. Lambright's self-professed aim is “navigating the two beacons—righting the financial system and ensuring taxpayers get the best deal for their TARP dollars.

Lambright, 38, traded a luxurious office atop the Export-Import Bank for a tiny one overlooking an air-conditioning unit. But his post as TARP’s chief investment officer made him one of the most powerful men in the financial system. Every TARP deal goes through a board he chairs—much to applicants’ chagrin. “He’s unbelievably tough,” says Henry Paulson, “and sometimes needs to be reminded that the job is to save the financial system.” (More James Lambright stories.)

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