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Exactly 10 years ago, Lehman Brothers collapsed in the administration. It was the biggest bankruptcy in the history of the United States and the defining event of the financial crisis that ravaged the global economy between 2007 and 2009.
The bankruptcy of Lehman has raised real fears in the United States, that the financial system of the whole country could collapse. Bankers and high-ranking politicians have fought hard to isolate industry and the economy in general from the threat of contagion.
Henry "Hank" Paulson, US Secretary of the Treasury, was one of the most important players of this period. He was the highest political leader in the financial sector and the link between the US government and the big banks.
Lehman collapsed on September 15, and Paulson's schedule in the following days gives a glimpse of the chaos
The calendar, printed in Andrew Ross Sorkin's epic tale about the crisis, Too Big To Fail, reveals just how busy and hectic the days around the collapse of Lehman were. Paulson, who served as Treasury Secretary between 2006 and 2009, made 42 calls and meetings between 7:10 am and 1:20 pm, and 69 in total during the day.
Among these calls were one for President George Bush, several for Federal Reserve Chairman Ben Bernanke and New York Fed Chief Tim Geithner, as well as Lehman CEO Dick Fuld, Goldman Sachs and Jamie's boss. Dimon.
"Paulson's calendar and call log illustrate the frenzied outburst," Sorkin writes under the calendar, noting also that the newspaper "does not reflect calls on his mobile phone or mobile phone".
Look at it below, with the first half of the day reproduced in full:
- 7:10 am to 7:20 am – President George W. Bush's appeal
- 7:20 am – 7:40 am – Appeal by Tim Geithner, President of the New York Federal Reserve
- 7:40 am to 7:45 am – Call to Jamie Dimon, CEO of JPMorgan
- 7:45 am – 7:50 am – Appeal by Sheila Bair, President of the Federal Deposit Insurance Corporation
- 7:50 am to 8:00 am – Call to Tim Geithner
- 8:15 am – 8:20 am – Call to Dick Fuld, CEO of Lehman Brothers
- 8:20 am to 8:30 am – Call to Jamie Dimon
- 8:30 am – 8:35 am – Call to Chris Cox, Chair of the Securities Commission
- 8:35 am to 8:50 am – Staff meeting, large conference room of the secretary
- 8:50 to 9:05 – Call to Congressman Steny Hoyer
- 9:05 am to 9:10 am – Call to Ben Bernanke, President of the Federal Reserve
- 9:10 am – 9:15 am – Call to Lloyd Blankfein, CEO of Goldman Sachs
- 9:15 am to 9:20 am – Call to Chris Cox
- 9:20 am to 9:30 am – Call with Russian Finance Minister Alexei Kudrin
- 9:30 to 9:50 – Drop by Ken's [adviser Ken Wilson] meeting with Richard Davis, President and Chief Executive Officer of US Bancorp, and Andy Cecere, Chief Financial Officer and Vice President
- 9:50 to 10:05 – Call to Ben Bernanke
- 10:05 am to 10:10 am – Call to Tim Geithner
- 10:10 to 10:20 – Call to Chris Cox
- 10:20 to 10:25 – Call to Tim Geithner
- 10:25 to 10:30 – Call to Senator Richard Shelby
- 10:30 to 10:35 – Call to Senator Chris Dodd
- 10:35 to 10:40 – Call to Barney Frank MP
- 10:40 to 10:45 – Call to Congressman Spencer Bachus
- 10:45 to 10:50 – Call to MP John Boehner
- 10: 50-10: 55 – Call to Josh Bolten, Chief of Staff of President Bush
- 10:55 am to 11:00 am – Call to Congressman Barney Frank
- 11:00 to 11:05 – Call to Ed Herlihy, Lawyer at Wachtell, Lipton, Rosen & Katz
- 11:05 am to 11:15 am – Call to Congressman John Boehner
- 11:30 to 12:00 – Telephone interview with Greg Ip from The Economist
- 12:05 pm to 12:10 pm – Call to Josh Bolten
- 12:10 pm to 12:15 pm – Call to Chris Cox
- 12:15 pm to 12:20 pm – Calls to Lloyd Blankfein and Tim Geithner
- 12:20 pm to 12:25 pm – Call to Ben Bernanke
- 12:25 pm to 12:30 pm – Call by John Thain, CEO of Merrill Lynch
- 12h30 to 12h40 – Call to Ben Bernanke
- 12:40 pm to 12:50 pm – Call to Chris Dodd
- 12:50 to 12:55 – Call to Ben Bernanke
- 12:55 pm to 1:00 pm – Lunch of the directors of economy, village hall, White House
- 1.00 to 1.05 – Call to Chris Cox
- 1.05 to 1.10 – Call to John Mack, Morgan Stanley CEO
- 1.10 to 1.15 – Appeal to Tim Geithner
- 1.15 to 1.20 – Call to Senator Richard Shelby
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