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“any action we take”: As Obama told reporters in Indiana on September 6, 2008. See http://www.msnbc.msn.com/id/26577811/.
CHAPTER TWELVE
Reuters headline: Kim Yeon-hee and Chris Wickham, “Eyes on Lehman Rescue as Korea Lifeline Drifts,” Reuters, September 8, 2008.
had held a briefing with reporters: Ibid.; Susanne Craig, Diya Gullapali, and Jin-Young Yook, “Korean Remarks Hit Lehman,” Wall Street Journal, September 9, 2008.
Shares of Lehman started to drop precipitously: Joe Bel Bruno, “Lehman Shares Plunge 30 percent on Report that Talks with Korea Development Bank Ended,” Associated Press, September 9, 2008.
annual banking conference: The Lehman Brothers Global Finance Services Conference was held at New York’s Hilton Hotel from September 8–10, 2008. Wachovia CEO Robert Steel presented on Tuesday, September 9, according to the press release: “Wachovia CEO Robert K. Steel to Present at Lehman Conference,” PR Newswire, September 3, 2008.
“Here we go again”: Fuld, as quoted in an article by John Helyar and Yalman Onaran, “Fuld Sought Buffett Offer He Refused as Lehman Sank,” Bloomberg News, November 10, 2008.
“Time Running Out for Lehman”: “Stocks to Watch,” CNBC, September 9, 2008.
“We’ve got to act fast”: John Helyar and Yalman Onaran, “Fuld Sought Buffett Offer He Refused as Lehman Sank,” Bloomberg News, November 10, 2008.
meeting with Jamie Dimon: According to official calendars obtained from the Department of the Treasury, this meeting was scheduled for 8:30 a.m. on September 9, 2008, and was one of several listed on Paulson’s calendar.
“[A]ll he wanted was the bazooka”: Alison Vekshin, “Dodd Plans Senate Hearing on Fannie, Freddie Takeover,” Bloomberg News, September 8, 2008.
“Secretary Paulson knew more than he was telling us”: From a statement issued by Bunning on September 8, 2008, titled “Bunning Rips Bailout of Fannie and Freddie.”
Lehman’s stock had plunged 30 percent: Joe Bel Bruno, “Lehman Shares Plunge 30 Percent on Report That Talks with Korea Development Bank Ended,” Associated Press, September 9, 2008.
AIG’s lawyers and advisers: Scott Pegram, “Davis Polk, Weil Gotshal, Sullivan, Simpson Work on AIG Restructuring,” New York Law Journal, March 5, 2009.
Two documents given to Geithner: Obtained by author from confidential source.
including Rodgin Cohen: Matthew Karnitschnig and David Enrich, “A Lawyer for All Wall Street Navigates Tempestuous Times,” Wall Street Journal, October 9, 2008.
Jester hadn’t been required to sell all his Goldman stock: Greg Farrell and Stephanie Kirchgaessner, “Goldman links to US Treasury Raise Questions,” Financial Times, October 12, 2008.
$3.9 billion loss: On the morning of Wednesday, September 10, Lehman announced its preliminary third-quarter earnings and an estimated net loss of $3.9 billion. See “Lehman Brothers Announces Preliminary Third Quarter Results and Strategic Restructuring,” PR Newswire, September 10, 2008.
“I was talking to Wes about you the other day”: Peter Briger asked to go on the record to state that while he acknowledges this conversation took place and expressed this exact sentiment, he denies ever using the word “motherfuckers.” Based on the author’s sources, Alex Kirk, who is seen by the reader recounting this conversation to Bart McDade, used the word “motherfuckers” in his retelling.
“I would much rather have partners that are really, really smart motherfuckers than guys that I like”: Mr. Briger confirmed making such an observation but disputes using the word “motherfucker” despite the accounts of several other sources who either heard it directly or in the retelling from Alex Kirk after he ran down the hall.
“The stock is coming down.”: Dick Bove to Erin Burnett, Streets Signs, CNBC, “LEH Shares Down,” September 9, 2008.
“This is coming directly from Paulson”: This quote is one of only a few that caused confusion and consternation among various sources. All the sources for this scene agree that this was the comment that McDade made at the time, based on his conversation with Fuld. It is also clear that Paulson spoke to