09.19.08: Goldman Sachs takes over America to fix the problems. Hey, they did predict this whole mess.

Henry Paulson insists on a revamp of entire American financial system.

During Q&A he said it was a "hundreds of billions" problem.

Press conf was just live. More on the details here.

VIDEO UPDATE 10:59AM: Paulson on Market Developments

Treasury Secretary Henry Paulson discusses a comprehensive approach to market developments.

WATCH THE PRESS CONFERENCE NOW

Don't know who Henry Paulson is?

Henry Merritt "Hank" Paulson Jr. (born March 28, 1946) is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs, one of the world's largest and most successful investment banks. - Wiki

VIDEO UPDATE 11:14AM: