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(Photo: Getty Images/Brad Barket)
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President Bush nominated Henry M. Paulson to replace John Snow, who resigned May 30, 2006. The Senate approved the nomination in a voice vote June 28, 2006. Paulson had been chairman of Goldman Sachs for about eight years. It is considered one of the premier financial firms on Wall Street and has sent a number of its top executives to high positions in Washington.
Paulson was known on Wall Street for his dedicated support of environmental causes. Earlier in 2006, he made a gift of $100 million in Goldman stock to a family foundation dedicated to conservation and environmental education. Even after that gift, Paulson has a net worth estimated at more than $500 million.
Snow had been Treasury secretary since February 2003. His departure had been rumored for more than a year.
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