Word: lehman
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...Otherwise, Bernanke mostly tried to continue Greenspan's policies, which were wildly popular at the time. But that was before the chaos, before the collapses of Bear Stearns and Merrill Lynch, Fannie and Freddie, Lehman Brothers, AIG and WaMu, before Bernanke called upon decades of historical study to start dispensing money to banks and then quasi-banks and then companies that weren't banks at all. In his insider account In Fed We Trust: Ben Bernanke's War on the Great Panic, David Wessel details how Bernanke essentially turned himself into a fourth branch of government, exploiting a loophole...
...really like Bernanke. And Obama might have done the same thing even if he did have a choice. Bernanke hasn't been flawless - he was slow to grasp the crisis and start yanking interest rates down toward zero, and market watchers will forever second-guess the decision to let Lehman go under. But overall he's been courageous and innovative and (so far) successful. And while he's fairly new to Washington, he's shown a flair for politics and p.r., doing a memorable 60 Minutes interview at the height of the crisis, providing an important vote of confidence...
...Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers By Lawrence G. McDonald with Patrick Robinson; Crown Business; 368 pages...
Dick Fuld was warned. Years before Lehman Brothers tumbled into bankruptcy, roiling markets and setting off a string of massive bailouts, underlings informed the investment bank's CEO that Lehman should get out of real estate before the credit bubble burst. Fuld ignored them. So while the bank's chief loaded up on overpriced property from the 31st floor of Lehman's New York City headquarters, his bond traders were downstairs shorting shares of mortgage brokers. Lawrence G. McDonald was one of those traders, and in his rendering of Lehman's demise--nimbly told with novelist Patrick Robinson--the bond...
...Treasury and managed to lead the Administration's efforts to stabilize the markets under constant attack. But he continues to struggle with the impression that he is soft on Wall Street, having come from the New York Fed (and having played a part in the crisis dealings with Lehman Brothers and AIG last fall), which is considered more sympathetic to the financial industry than some Washington overseers. To truly succeed as Treasury Secretary, insiders say, Geithner needs to show not only that he can rescue the industry but that he can tame it as well...