About the outline of the story

Alisha 2022-10-29 13:35:07

It is not necessarily accurate to memorize while watching, mainly to prevent yourself from getting dizzy.

Lehman has a problem → ask Koreans for help → find peers to buy → the government saves two houses → government saves bureau asks other agencies to save Lehman → Merrill Lynch also has problems → decides to give priority to saving Merrill → Turnaround: Barclays Bank agrees Acquired Lehman, other banks are willing to help → Barclays backtracked → The government forced Lehman to go bankrupt → Lehman decided to go bankrupt → Other financial institutions were also crumbling → The government rescued a few too big to fall institutions → The entire financial system fell into a crisis of confidence → The government proposes a plan to purchase non-performing assets → The plan fails → A plan for the nationalization of commercial banks is proposed (government purchases bank shares) → The plan is implemented (not exactly as expected) → The crisis will end after a period of time

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Extended Reading

Too Big to Fail quotes

  • Richard Fuld: [on the housing crisis] You know, people act like we're crack dealers. Nobody put a gun to anybody's head and said, "Hey, nimrod, buy a house you can't afford, and you know what? While you're at it, put a line of credit on that baby and buy yourself a boat."

    Joe Gregory: [chuckles] You heard anything from Buffett?

    Erin Callan: He's asking for preferred shares at 40, with a dividend of nine percent.

    Richard Fuld: [annoyed] We were just at 66. What the fuck?

    Joe Gregory: Maybe it's just an opening gambit, Dick.

    Richard Fuld: Sounds more like a goddamn insult!

    Erin Callan: Dick, we're at 36 right now. We haven't been anywhere near 66 in months. The markets like Buffett. His name will push the price up overnight.

    Richard Fuld: You know, I don't care who he is. I am not spending $360 million a year for the pleasure of doing business with him. Real estate will come back.

    Joe Gregory: Koreans have been sniffing around.

    Richard Fuld: There you go. And they won't steal us blind. I've seen this before: CEOs panic and they sell out cheap. Right now, the Street's running around with its hair on fire, but the storm always passes. We stand strong, and on the other side, we'll eat Goldman's lunch.

    Erin Callan: So what do we do about Buffett?

    Richard Fuld: Screw Warren Buffett.

  • Ben Bernanke: [Having breakfast with Henry Paulson] Lehman's down another 10%.

    Henry Paulson: You are not gonna let me get down a single bite, are you?

    Ben Bernanke: This is why I have oatmeal.