Original sentence: In 2008, Time named Paulson as a runner-up for its Person of the Year 2008, saying, with reference to the global financial crisis of 2008, "if there is a face to this financial debacle, it is now his..."[1]
Edited sentence: He was the designated leader of the Bush Administration's efforts to nationalize the cost of bad loans made by financial institutions, and the unsuccessful government efforts to avoid a severe economic slowdown.Paulson was widely criticized for some of his decisions in the 2008 global financial crisis