The heads of Wall Street's biggest investment banks were summoned to an evening meeting by the US Treasury Secretary, Hank Paulson, to discuss the plight of another - Lehman Brothers. After... See full summary »
A close look behind the scenes, between late March and mid-October, 2008: we follow Richard Fuld's benighted attempt to save Lehman Brothers; conversations among Hank Paulson (the Secretary of the Treasury), Ben Bernanke (chair of the Federal Reserve), and Tim Geithner (president of the New York Fed) as they seek a private solution for Lehman's; and, back-channel negotiations among Paulson, Warren Buffet, investment bankers, a British regulator, and members of Congress as almost all work to save the U.S. economy. By the end, with the no-strings bailout arranged, modest confidence restored on Wall Street, and a meltdown averted, Paulson wonders if banks will lend. Written by
The Fed can lend to non banks under unusual and exigent circumstances, we're thinking of taking over 80% of the company.
Hank we can't! This morning we were lecturing the entire country on moral hazard.
AIG has collateral, they have assets, Lehman didn't, we couldn't lend into a hole, its not the same story!
Nobody is going to care, its another bailout, with no legislation, the Hill is gonna go crazy, the country is gonna go crazy.
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I liked this movie when I first saw it. Entertaining, great performances, and what I thought was a great explanation of the 2008 economic crisis. Then I watched the documentary "Inside Job" and learned the truth. Hank Paulson was not a hero. He started the house on fire to collect his money (deregulation) and then had to scramble to put it out when he realized he was going to burn with it. This movie makes him look like a hero for putting it out. By the way he collected a nice chunk of change by selling his stock with Goldman Sachs to become the Treasury Secretary (mandatory)before the crash. And don't get me wrong, he didn't do it all alone and in no way his he solely responsible, and i'm glad him and Geitner succeeded in keeping our world from falling apart, but this movie rings way too false after you watch the real story in "Inside Job". I won't speculate on Mr. Sorkins (writer) motives, but he and his co-writer are way off on telling the true story of what happened. I still appreciate the performances and direction, but it's like watching a lie now. Sorry, please watch Inside Job narrated by Matt Damon by the way, and see what you think!
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