Too Big to Fail - Andrew Ross Sorkin [304]
“It’s bad enough how you treat me”: Langley, Tearing Down the Walls, 314.
“Don’t you ever turn your back on me while I’m talking!”: Roger Lowenstein, “Alone at the Top,” New York Times Magazine, August 27, 2000.
summoned Dimon to the corporate compound in Armonk: Timothy L. O’Brien and Peter Truell, “Downfall of a Peacemaker,” New York Times, November 3, 1998.
the Internet retailer Amazon: Duff McDonald, “The Heist,” New York, March 24, 2008.
Dimon brought in his own team of expense cutters: Shawn Tully, “In This Corner! The Contender,” Fortune, March 29, 2006.
“fortress balance sheet”: Jamie Dimon representing JPMorgan Chase at the Credit Suisse Group Financial Services Forum, February 7, 2008.
celebrating his fifty-second birthday over dinner: Alistair Barr, “Dimon Steers J.P. Morgan Through Financial Storm,” MarketWatch.com, December 4, 2008.
“This wasn’t a negotiating posture”: “Panel II of a Hearing of the Senate Banking, Housing and Urban Affairs Committee,” Federal News Service, April 3, 2008.
“I am very troubled by the failure of Bear Stearns”: Panel I of a Hearing of the Senate Banking, Housing and Urban Affairs Committee,” Federal News Service, April 3, 2008.
CHAPTER FOUR
private dinner to mark the end of a G7 summit: Treasury provided a list of dinner attendees to the press that Friday. Lehman’s Fuld was listed alphabetically between Larry Fink of BlackRock and John Mack of Morgan Stanley. “Attendees for G7 Outreach Dinner with Banks,” Reuters, April 11, 2008.
it would raise $4 billion: Jenny Anderson, “Trying to Quell Rumors of Trouble, Lehman Raises $4 Billion,” New York Times, April 2, 2008.
“We’re closer to the end than the beginning”: Joseph A. Giannone, “Goldman CEO Says Credit Crisis in Later Stages,” Reuters, April 10, 2008.
a new IMF Report: International Monetary Fund, “Global Financial Stability Report,” April 2008, 50.
staggering amount of leverage—the amount of debt to equity: “At the end of the first quarter in 2008, the leverage ratios at Morgan Stanley, Lehman Brothers, Merrill Lynch, and Goldman Sachs were 31.8, 30.7, 27.5, and 26.9, respectively, compared with an average of 8.8 for all U.S. commercial banks and savings institutions.” Senate Joint Economic Committee, “Financial Meltdown and Policy Response,” September 2008.
“Just finished the Paulson dinner”: “Hearing on Causes and Effects of the Lehman Brothers Bankruptcy,” House of Representatives Committee on Oversight and Government, October 6, 2008. See http://oversight.house.gov/story.asp?ID=2208.
“Break the Glass: Bank Recapitalization Plan”: Author obtained a copy of the proposal from a confidential source.
Kashkari background: Deborah Solomon, “U.S. News: Paulson to Tap Adviser to Run Rescue Program,” Wall Street Journal, October 6, 2008.
chairman of the Federal Reserve on February 1, 2006: Bernanke’s first day fell on the first of the month; his swearing-in ceremony took place the following Monday. “Our mission as set forth by the Congress is a critical one,” Bernanke said at his Fed ceremony. Jeannine Aversa, “At Ceremonial Swearing-in, New Fed Chief Bernanke Vows to Work with Congress,” Associated Press, February 6, 2006.
Bernanke’s beginnings: John Cassidy, “Anatomy of a Meltdown,” New Yorker, December 1, 2008; Roger Lowenstein, “The Education of Ben Bernanke,” New York Times Magazine, January 20, 2008; Larry Elliott, “Ben Bernanke,” Guardian, June 16, 2006; Mark Trumbull, “Back-story: Banking on Bernanke,” Christian Science Monitor, February 1, 2006; Ben White, “Bernanke Unwrapped,” Washington Post, November 15, 2005.
Anna Friedmann, a Wellesley College student whom he married: John Cassidy, New Yorker, December 1, 2008.
“Econometrics” research: Lowenstein, “The Education of Ben Bernanke,” New York Times Magazine, January 20, 2008.
planned to take a vacation: Ibid.
Interest rate left unchanged at 5.25 percent: “Fed Keeps Rates Steady,” Dow Jones, August 7, 2007.
“The committee’s predominant policy concern”: “Text of Federal Reserve’s Interest