[Weekly Compilation of Presidential Documents Volume 44, Number 47 (Monday, December 1, 2008)]
[Page 1452]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks Following a Meeting With Secretary of the Treasury Henry M. 
Paulson, Jr.

November 24, 2008

    Mr. Secretary, thank you very much for inviting me in for a cup of 
coffee. The Secretary and I share the concerns of our citizens, the 
concerns about jobs, the concerns about their savings accounts. This is 
a tough situation for America, but we'll recover from it. And the first 
step to recovery is to safeguard our financial system.
    Now, last night on Air Force One coming back from Peru, I talked at 
length to the Secretary about his recommendation on the decisions made 
to safeguard Citicorp [Citigroup]. * We have made these kind of 
decisions in the past; made one last night. And if need be, we're going 
to make these kind of decisions to safeguard our financial system in the 
future.
    * White House correction.
    I talked to President-elect Obama about the decision we made. I told 
the American people, and I told the President-elect when I first met 
him, that any time we were to make a big decision during this 
transition, he will be informed, as will his team.
    Secretary Paulson is working closely with the President-elect's 
transition team. It's important for the American people to know that 
there is close cooperation. It's important for the American people to 
know that we will safeguard the financial system as the first step 
necessary for financial--for economic recovery. And so, Mr. Secretary, 
thanks for your hard work. Appreciate it. Thank you.

Note: The President spoke at 10:25 a.m. at the Treasury Department.