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Bloomberg Radio New York

Automatic TRANSCRIPT

Was a if if if we had said no and they had said no we probably all not be here I would have been awful and so as you've had time to think about it yourself obviously put a lot of it down in the book as you had a chance to talk to other people what were those sort of catalytic moments both in in your board room and and in Washington that ultimately led to the fate of women well Hank Paulson well not like my book but he's got a tough skin first of all it was Bernanke's decision the federal reserve is supposed to land to financial institutions they advocated and turned it over to Paul's Paulson made a political decision was not an economic decision it was not based only means collateral there was plenty of collateral there I want to promote not only my book but this book this is by Lawrence ball the dean of economics at Johns Hopkins this is the ultimate book about the Lehman bankruptcy it's two hundred pages of data and very very thoughtful prose about what went on and I really recommend that anyone that's serious about financial history take a look at Larry balls book he's a very very good scholar in any event we were we were left with no alternative did you realize that in the last week of Lehman's existence our our clearing bank JPMorgan chase demanded and got eight point six billion of our cash collateral to shore themselves up against Leman possible losses well they have the right to do that apparently the fine print of their loan agreement let them do that because we lost that lawsuit four years later however it drained the liquidity out of women we were solvent until literally three four days before the bankruptcy so why did why did it happen to leave it why was why was women the one all here's my explanation we all know that a I G. was much bigger than only but if they have gone under the world would have changed a I G. old Goldman Sachs billions and billions of dollars for various commitments in my belief Paulson said I can't get both done I can't save Lehman and save a IG and finally save one I'll save a IG and I think we were collateral damage.