Too Big to Fail - Andrew Ross Sorkin [331]
Winkelried’s salary: Joseph McCafferty, “Goldman Execs Earn $70M Plus,” Directorship. com; Joseph A. Giannone, “Goldman buys $58 mln Winkelried, Palm Fund Stakes,” Reuters, March 30, 2009.
Winkelried selling Nantucket property: According to the Town of Nantucket’s tax assessor’s office, Winkelried purchased 4.18 acres for $5 million in January 1999 and another 1.7 acres for $1.95 million later that September. Peter B. Brace, “Goldman-Sachs Executive Selling 5.9 Acres on Nantucket for $55 million,” Daily News Tribune, October 10, 2008; Christine Harper and Sharon L. Lynch, “Goldman’s Winkelried Lists Nantucket Estate for $55 Million,” Bloomberg, October 10, 2008.
“Total Abdication of Responsibility to the Public”: Andrew Ross Sorkin, “DealBook: Power Grab and a Roll of the Dice,” New York Times, September 24, 2008.
“What they have sent us is not acceptable”: “U.S. Lawmaker Dodd Says Treasury Plan ‘Unacceptable,’” Reuters, September 23, 2008.
“a terrible communicator”: Charles Babington and Julie Hirschfeld Davis, “Simmering GOP Upset They Were Kept in the Dark; Political Meltdown Came on the Heels of Financial One,” Associated Press, September 27, 2008.
“All of us around the table”: Press releases and documents, “Bush Pushes Financial Plan with Congressional Leaders, Candidates,” Voice of America, September 26, 2008.
“If money isn’t loosened up”: David M. Herszenhorn, Carl Hulse, and Sheryl Gay Stolberg, “Talks Implode During a Day of Chaos; Fate of Bailout Plan Remains Unresolved,” New York Times, September 25, 2008.
“Well, do we need to start from scratch”: Nedra Pickler, “Obama Says More Work Needed for Deal,” Associated Press, September 25, 2008.
“I didn’t know you were Catholic”: David M. Herszenhorn, Carl Hulse, and Sheryl Gay Stolberg, “Crunch Time as Washington Battles Impasse,” New York Times, September 27, 2008.
“You have been great at picking”: “‘In the Eye of the Storm’: Citi CEO Vikram Pandit Sees a Difficult Recovery Ahead,” Knowledge@Wharton, October 2, 2008. See: http://knowledge.wharton.upenn.edu/article.cfm?articleid=2068
Dimon’s $1.9 billion bid for WaMu: FDIC Press Release, “JPMorgan Chase Acquires Banking Operations of Washington Mutual,” September 25, 2008. http://www.fdic.gov/news/news/press/2008/pr08085.html
“You saw what happened earlier”: Deborah Solomon, Damian Paletta, and Greg Hitt, “US Seals Bailout Deal,” Wall Street Journal, September 29, 2008.
“Damn it. If you think you need”: Ibid.
“Let’s not get emotional.” Ibid.
“All we’re talking about is having Groucho”: Ibid.
Wachovia threatened with downgrade: David Enrich and Matthew Karnitschnig, “Citi, U.S. Rescue Wachovia—Latest Shotgun Deal Creates Nation’s Third-Largest Bank,” Wall Street Journal, September 30, 2008.
Citigroup acquiring Wachovia, Fed help: Ibid. See also Eric Dash and Andrew Ross Sorkin “Citigroup to Acquire Banking Operations of Wachovia; Crisis on Wall Street,” New York Times, September 30, 2008.
“They claim to be free market advocates”: Pelosi delivered this speech from the House floor on September 29, 2008. “Speaker Pelosi Speaks in Support of Emergency Economic Stabilization Act of 2008,” US Fed News, September 30, 2008.
“They wouldn’t have brought this bill”: Michele Davis, appearing on PBS’s Frontline, April 9, 2009.
Bailout being rejected 228 to 205: “US Bailout Plan Rejected,” The Nation, September 29, 2008.
“Citibank is honored to enter into a partnership”: From an ad which ran in USA Today that Friday, according to David Enrich and Dan Fitzpatrick, “Wachovia Chooses Wells Fargo, Spurns Citi,” Wall Street Journal, October 4, 2008.
Increasing FDIC insurance on new bailout bill: Meena Thiruvengadam, “Some Ex-FDIC Officials See No Reason to Hike Insurance Limit,” Dow Jones Newswires, October 3, 2008.
“This credit crisis has the power to grind”: Governor Schwarzenegger sent this letter to Paulson on October 2, 2008. “California letter asking for U.S. Treasury help,” Reuters, October 3, 2008.
“We have shown the world