- Saturday marks exactly 10 years since the collapse of Lehman Brothers, the largest bankruptcy in the history of the United States and determines the events of the financial crisis.
- A few days after the demise of Lehman, there were insane battles to prevent the collapse of the entire financial system.
- At the heart of this fight was Henry "Hank" Paulson, the then US Treasury Secretary.
- An excerpt from Paulson's calendar two days after Lehmann's collapse, so these were restless things.
- Paulson had 42 calls or meetings between 7.00 and 1.20. September 17, 2008.
Exactly 10 years ago Lehman Brothers collapsed into the administration. This was the largest bankruptcy in the history of the United States and determining the event of the financial crisis, which ruined the global economy in the period from 2007 to 2009.
Lehman's bankruptcy caused real fears in the United States that the entire financial system of the country could collapse. This led to a crazy battle between senior bankers and politicians to isolate industry and the wider economy from the threat of infection.
One of the most important figures in this period was Henry "Hank" Paulson, Secretary of the Treasury of the United States. He was the most senior politician in charge of the financial industry and the channel between the US government and large banks.
Lehman collapsed on September 15, and Paulson's schedule on subsequent days gives an idea of the chaos
The graph printed in the epic story of Andrew Ross Sorkin about the crisis "Too big to knock down" shows how insanely busy and troubled the days around the collapse of Lehman. Paulson, who was the Minister of Finance from 2006 to 2009, made a staggering 42 calls and meetings between 7.10 and 1.20 pm, and a total of 69 all day long.
These appeals included one president of then-President George W. Bush, several to Federal Reserve Chairman Ben Bernanke and Fed Chairman Tim Geithner in New York, as well as talks with Lehman CEO Dick Fuld, Goldman Sachs boss Lloyd Blankfein and Jamie Dimon JPMorgan.
Paulson's calendar and logbook illustrate the insane battle, Sorkin wrote in accordance with the schedule, noting also that the magazine "does not reflect calls to his mobile phone or home phone."
Look below, with the first half of the day reproduced in full:
- 7.10 to 7.20 – a call from President George W. Bush
- 7.20 to 7.40 – a call from Tim Geithner, chairman of the Federal Reserve System of New York
- From 7.40 to 7.45 – a call to Jamie Dimon, CEO of JPMorgan
- From 7.45 to 7.50 – a call from Sheila Bair, chairman of the Federal Corporation for Deposit Insurance
- 7.50 to 8.00 – a call to Tim Geithner
- 8.15 – 8.20 – Call Dick Fulda, CEO of Lehman Brothers
- 8.20 to 8.30 – call to Jamie Dimon
- 8.30 to 8.35 – Call at Chris Cox, Chairman of the Securities and Exchange Commission
- 8.35 – 8.50 – Staff meeting, Big conference hall of the secretary
- 8.50 to 9.05 – Call to Congressman Steny Hoyer
- 9.05 to 9.10 – Call to the Federal Reserve Ben Bernanke
- 9.10 to 9.15 – Call to Lloyd Blankfein, CEO of Goldman Sachs
- 9.15 to 9.20 – Call Chris Cox
- 9.20 to 9.30 – Call with the Minister of Finance of Russia Alexei Kudrin
- 9.30 to 9.50 – Drop Ken [adviser Ken Wilson] meeting with Richard Davis, President and CEO of US Bancorp, and Andy Chekrer, CFO and Deputy Chairman
- 9.50 to 10.05 – The Bell of Ben Bernanke
- 10.05 to 10.10 – Call Tim Geithner
- 10.10 to 10.20 – Call Chris Cox
- 10.20 to 10.25 – Call Tim Geithner
- 10.25 – 10.30 – Call to Senator Richard Shelby
- 10.30 to 10.35 – Call of Senator Chris Dodd
- 10.35 – 10.40 – Call Congressman Barney Frank
- 10.40 to 10.45 – Call for Congressman Spencer Bachous
- 10.45 to 10.50 – Call for Congressman John Boner
- 10.50 to 10.55 – Call Josh Bolten, Chief of Staff of President Bush
- 10.55 to 11.00 – Call to Congressman Barney Frank
- 11.00 to 11.05 – Call Edu Herlichy, a lawyer in Vakhtell, Lipton, Rosen and Katz
- 11.05 to 11.15 – Call for Congressman John Boner
- 11.30 to 12.00 – Telephone interview with Greg Ip of The Economist
- 12.05. up to 12.10. – Call Josh Boltan
- 12.10 to 12.15 – Call Chris Cox
- 12.15 – 12.20 – Calls for Lloyd Blankfein and Tim Geithner
- 12.20 – 12.25 – The Bell of Ben Bernanke
- From 12.25 to 12.30 – a call from John Thain, CEO of Merrill Lynch
- 12.30 – 12.40 – The Bell of Ben Bernanke
- 12.40 – 12.50 – Call Chris Dodd
- 12.50 to 12.55 – The Bell of Ben Bernanke
- 12.55 to 1.00 – Economic Directors Lunch, Ward Room, White House
- 1.00 to 1.05 – Call Chris Cox
- 1.05 to 1.10 – Call John Mc, CEO of Morgan Stanley
- 1.10 to 1.15 – Call Tim Geithner
- 1.15 – 1.20 – Call to Senator Richard Shelby