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Country: Germany , USA. Genre: Adventure , Drama , Western. Genre: Crime , Drama. Trailer: Too Big to Fail Please help us to describe the issue so we can fix it asap. Video Wrong video Broken video Others. Subtitle Not Synced Wrong subtitle Missing subtitle. Synopsis A close look behind the scenes, between late March and mid-October, we follow Richard Fuld's benighted attempt to save Lehman Brothers; conversations among Hank Paulson the Secretary of the Treasury , Ben Bernanke chair of the Federal Reserve , and Tim Geithner president of the New York Fed as they seek a private solution for Lehman's; and, back-channel negotiations among Paulson, Warren Buffet, investment bankers, a British regulator, and members of Congress as almost all work to save the U.
Curtis Hanson. Ajay Mehta. Victor Slezak. Bill Clinton. George W. In many cases the account came from him or her directly, but it may also have come from other eyewitnesses in the room or on the opposite side of a phone call often via speakerphone , or from someone briefed directly on the conversation immediately afterward, or, as often as possible, from contemporaneous notes or other written evidence.
Much has already been written about the financial crisis, and this book has tried to build upon the extraordinary record created by my esteemed colleagues in financial journalism, whose work I cite at the end of this volume. But what I hope I have provided here is the first detailed, momentby-moment account of one of the most calamitous times in our history. The individuals who propel this narrative genuinely believed they were—and may in fact have been—staring into the economic abyss.
Standing in the kitchen of his Park Avenue apartment, Jamie Dimon poured himself a cup of coffee, hoping it might ease his headache.
He was recovering from a slight hangover, but his head really hurt for a different reason: He knew too much. It was just past a. To Dimon it was a terrifying predicament that caused his mind to spin as he rushed home afterward. He was already more than two hours late for a dinner party that his wife, Judy, was hosting.
Trying to avoid saying more than he should, still he dropped some hints about what had happened at the meeting. JP Morgan had examined its books earlier that week as a potential lender and had been unimpressed. He also had decided to request some extra collateral from the firm out of fear it might fall. In the next twenty-four hours, Dimon knew, Lehman would either be rescued or ruined.
Knowing what he did, however, Dimon was concerned about more than just Lehman Brothers. He was aware that Merrill Lynch, another icon of Wall Street, was in trouble, too, and he had just asked his staff to make sure JP Morgan had enough collateral from that firm as well. By his estimation AIG had only about a week to find a solution, or it, too, could falter. Of the handful of principals involved in the dialogue about the enveloping crisis—the government included—Dimon was in an especially unusual position.
He had the closest thing to perfect, real-time information. Dimon began contemplating a worst-case scenario, and at a. This is about our survival.
Like most people on Wall Street—including Richard S. Fuld Jr. Dimon hastened to disabuse them of the notion. There is no way, in my opinion, that Washington is going to bail out an investment bank. It was his ultimate doomsday scenario. As Dimon had presciently warned in his conference call, the following days would bring a near collapse of the financial system, forcing a government rescue effort with no precedent in modern history.
In a period of less than eighteen months, Wall Street had gone from celebrating its most profitable age to finding itself on the brink of an epochal devastation. Trillions of dollars in wealth had vanished, and the financial landscape was entirely reconfigured. The calamity would definitively shatter some of the most cherished principles of capitalism. The idea that financial wizards had conjured up a new era of low-risk profits, and that American-style financial engineering was the global gold standard, was officially dead.
As the unraveling began, many on Wall Street confronted a market unlike any they had ever encountered—one gripped by a fear and disorder that no invisible hand could tame.
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