Monday, October 26, 2009

Too Big to Fail

Papa BP sent me this book the other day. (Thanks!) I'm about 200 pages in, and it is fascinating. I highly recommend it. This passage from the prologue caused me to put the book down and just take a deep breath and think about just how bad things got:
"Here's the drill," [Jamie Dimon, CEO of JP Morgan Chase, on a conference call with his top executives] continued. "We need to prepare right now for Lehman Brothers filing." Then he paused. "And for Merrill Lynch filing." He paused again. "And for AIG filing." Another pause. "And for Morgan Stanley filing." And after a final, even longer pause he added: "And potentially for Goldman Sachs filing."

There was a collective gasp on the phone.

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