Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves by Andrew Ross Sorkin

Author:Andrew Ross Sorkin [Sorkin, Andrew Ross]
Language: eng
Format: epub
Tags: General, United States, History, Business & Economics, Economics, Finance, Economic history, Financial crises, Economic Conditions, Global Financial Crisis; 2008-2009, 21st century, Banks and banking, Financial crises - United States - History - 21st century
ISBN: 9780143118244
Publisher: Penguin Group
Published: 2010-09-07T04:00:00+00:00

John Mack pulled out his cell phone the moment he left the New York Fed Building to report back to the office.

“Guys, it’s going to be a long night,” he told his lieutenants, James Gorman, Walid Chammah, and Paul Taubman, and ordered them to prepare for Lehman to go under. “We’re going to need lots of bodies this weekend.” The Morgan Stanley bankers had two related tasks: self-preservation and helping the Fed. They’d once again have to review the extent of their exposure to Lehman, looking through their derivatives book and also examining their clients’ exposures to Lehman. Investment banking, meanwhile, should start looking through Lehman’s client list to see whom they could pick off. A board call would have to be arranged to keep everyone updated. Another team would have to run numbers on Lehman’s asset values. They would finally get a chance to see Lehman’s finances; if nothing else, it could prove to be an interesting education.

Mack directed his driver to his favorite Italian restaurant, San Pietro, to pick up some food for the team, who would need to be fortified for the sleepless night they all faced. Everyone would have to start acting like a first-year analyst.

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