Too Big to Fail - Andrew Ross Sorkin [303]
his deputy, Steel, would be there in his place: “I very much appreciate the opportunity to appear before you today to represent Secretary Paulson and the U.S. Treasury Department,” Steel said on April 3, 2008. “As you know, Secretary Paulson is on a long-scheduled trip to China.” Steel’s full speech available at: http://www.ustreas.gov/press/releases/hp904.htm.
underwriting more than 40 percent of all mortgages: Bethany Mc Lean, “Fannie Mae’s Last Stand,” Vanity Fair, February 2009; Carol D. Leonnig, “How HUD Mortgage Policy Fed the Crisis,” Washington Post, June 10, 2008.
“Their securities move like water”: Justin Fox, “Hank Paulson,” Time, August 11, 2008.
The two men had known each other since 1976: Brendan Murray and John Brinsley, “Paulson’s Surrogate Steel Sees ‘Initial’ Progress in Markets,” Bloomberg News, March 19, 2008.
Steel came from a modest background: Rick Rothacker, Stella M. Hopkins, and Christina Rexrode, “Wachovia’s New CEO Is Pro in Crisis Control,” Charlotte Observer, July 13, 2008.
“Was this a justified rescue”: Dodd’s question, as well as succeeding statements from Bernanke, Steel. and Geithner are taken directly from official Fed transcripts from the first half of the hearing. See “Panel I of a Hearing of the Senate Banking, Housing and Urban Affairs Committee,” Federal News Service, April 3, 2008.
“Buying a house is not the same as buying a house on fire”: When asked about the logic behind Bear’s $2-a-share price, Dimon said: “I tell people that buying a house is not the same as buying a house on fire.” “Panel II of a Hearing of the Senate Banking, Housing and Urban Affairs Committee,” Federal News Service, April 3, 2008.
cancel the office’s newspaper subscriptions to cut costs: Dimon “obsesses over spending at the granular level,” so much so that he once told a vice president, who was listing the company’s print subscriptions, “You’re a businessman; pay for your own Wall Street Journal.” See Ken Kurson, “Jamie Dimon Wants Respect,” Money, February 2002.
“has suddenly become the most talked about”: Eric Dash, “Rallying the House of Morgan,” New York Times, March 18, 2008.
“quickly becoming Wall Street’s banker of last resort”: Robin Sidel, “In a Crisis, It’s Dimon Once Again,” Wall Street Journal, March 17, 2008.
“All hail Jamie Dimon!” Andrew Bary, “The Deal—Rhymes With Steal—of a Lifetime,” Barron’s, March 24, 2008.
“I want to be rich”: Leah Nathans Spiro, “Ticker Tape in the Genes,” BusinessWeek, October 21, 1996.
“I think you’re wrong!” Shawn Tully, “In This Corner! The Contender,” Fortune, March 29, 2006.
which his mother showed to Weill: Leah Nathans Spiro, “Smith Barney’s Whiz Kid,” BusinessWeek, October 21, 1996.
“Can I show it to people here?” As Monica Langley reported: “Sandy liked the paper enough that he sent Jamie a note: ‘Terrific paper. Can I show it to people here?’” Langley, Tearing Down the Walls, 50.
“I won’t pay you as much”: Ibid., 74.
“Jews are going to take over American Express!”: Ibid., 71.
watching Weill sleep off his martini lunches: Ibid., 103.
the $1.65 billion acquisition of Primerica: Robert J. Cole, “2 Leading Financiers Will Merge Companies in $1.65 Billion Deal,” New York Times, August 30, 1988
A $1.2 billion purchase of Shearson: Dana Wechsler Linden, “Deputy Dog Becomes Top Dog,” Forbes, October 25, 1993.
“You’re a fucking asshole!”: Langley, Tearing Down the Walls, 201.
$4.2 billion deal for Travelers: Greg Steinmetz, “Primerica, Travelers Seal Merger Pact; Takeover May Speed Insurer’s Recovery, Wall Street Journal, September 24, 1993.
“Promote her”: Langley, Tearing Down the Walls, 241.
“Now we can be father and daughter again”: Ibid., 254.
the $83 billion merger with Citicorp: Announced as a $70-billion merger Monday morning, by the day’s end Travelers had soared 18 percent and Citicorp, 27 percent, bringing the merger’s value up to $83 billion. Langley, Tearing Down the Walls, 289–93. Michael Siconolfi, “Citicorp, Travelers Group to Combine in Biggest-Ever Merger,” Wall Street Journal,