Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves - Chapters 10-11 Summary & Analysis

Andrew Ross Sorkin
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Chapters 10-11 Summary and Analysis

Chapter 10 follows Dick Fuld as he continues to scramble to find a lifeline for the sinking Lehman Brothers firm. He met with John Mack and the board of Morgan Stanley in an awkward meeting at Mack's house that had no results. He approached Bank of America about possibly being purchased by the bank. While a deal looked possible at first, Bank of America ultimately declined to go forward. Fuld contacted Timothy Geithner at the Federal Reserve about possibly becoming a bank holding company, which would give Lehman access to discounted money lent by the government to banks. Geithner was concerned that the move might look desperate and make things even worse for Lehman. Fuld's last resort, as he saw it, was to return to the Korean bank that had expressed some interest in a deal earlier. He asked Henry...

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This section contains 585 words
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Buy the Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves Study Guide
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