276 Texaco trucks and Eastern Airlines jets: Stephen Labaton, “Bankruptcy Bar: Never So Solvent,” New York Times, April 1, 1990.
276 he billed clients nearly $1,000 an hour: Jonathan D. Glater, “The Man Who Is Unwinding Lehman Brothers,” New York Times, December 14, 2008.
276 He had grown up in the Gravesend neighborhood of Brooklyn: Ibid.; Labaton, “Bankruptcy Bar,” New York Times.
277 “Bankruptcy,” he once said, “ is like dancing”: Ibid.
284 “Fuld is a friend. Try to help, but don’t bail Lehman out”: Paulson, On the Brink, 181.
286 “With a beleaguered Lehman”: Jessica Papini, “Possible Govt Backstop for Lehman Buy Has Two Prior Models,” Dow Jones, September 11, 2008.
287 “Federal officials currently”: Efrati, “Greenberg Settles,” Wall Street Journal.
287 “But while the Treasury Department”: Walsh and Glater, “Investors Turn Gaze to A.I.G.,” New York Times.
287 “At least in the Bear case”: “Lehman’s Fate,” Wall Street Journal, September 12, 2008.
288 “Source: There will be no government money”: Steve Liesman to David Faber, Faber Report, CNBC, September 12, 2008.
290 “Lehman is going down”: Susanne Craig, Jeffrey McCracken, Aaron Lucchetti, and Kate Kelly, “The Weekend that Wall Street Died,” Wall Street Journal, December 29, 2008.
290 “We’re not Lehman”: Ibid.
291 “concerns about AIG’s ability to shed”: “AIG Shares Fall 20 Percent On Mortgage Woes,” Reuters, September 12, 2008.
CHAPTER FOURTEEN
299 he had given her some $4,600 in donations: On February 21, 2007, Lloyd Blankfein made two contributions, of $2,300 each, to Hillary Clinton’s Presidential Campaign. See http://www.opensecrets.org.
300 after testifying at a hearing for the Committee on Energy and Natural Resources: “Summit to Consider How to Achieve a More Secure, Reliable, Sustainable, and Affordable Energy Future for the American People.” Friday, September 12, 2008.
302 BofA shares closed that day at $33.74: Bank of America rose $.68 or 2.1 percent, to $33.74 on Friday, September 12, 2008. “Finance Companies Shares Mixed at the Close of Trading,” Associated Press, September 12, 2008.
303 “a quality which, for lack of a better word, I can best describe as epic.” Christopher Gray, “Mix of Limestone and Sandstone, in Florentine Style,” New York Times, November 11, 2001.
303 a three-level vault: www.newyorkfed.org.
303 Emergency meeting at NY Fed: Evan Thomas and Michael Hirsh, “Paulson’s Complaint,” Newsweek, May 16, 2009.
305 “He is in denial,” Paulson continued: Author obtained notes from the emergency meeting at the New York Federal Reserve.
305 “There is no political will for a federal bailout”: Deborah Solomon, Dennis K. Berman, Susanne Craig, and Carrick Mollenkamp, “Ultimatum by Paulson Sparked Frantic End,” Wall Street Journal, September 15, 2008.
306 “I assume we are going to talk about AIG?”: Tett, Fool’s Gold, 233.
306 “Stop being such a jerk ”: Kate Kelly, “The Fall of Bear Stearns,” Wall Street Journal, May 29, 2008.
309 Fuld swallowed his pride and dialed Lewis’s home in Charlotte: According to the Wall Street Journal, Fuld placed the call to Lewis on the afternoon of Sunday, September 14, 2008. Subsequent reporting by the author has revealed that the call was actually made on the evening of Friday, September 12, 2008. See Susanne Craig, Jeffrey McCracken, Aaron Lucchetti, and Kate Kelly in “The Weekend That Wall Street Died,” Wall Street Journal, December 29, 2008.
310 the same home he had purchased in 1958 for $31,500: Roger Lowenstein, “King Midas—Warren Buffett,” Independent on Sunday, February 18, 1996.
319 David Bonderman of Texas Pacific Group: Riva D. Atlas and Edward Wong, “Texas Pacific Goes Where Others Fear to Spend,” New York Times, August 25, 2002.
319 watched his investment lose virtually all of its value in less than half a year: Peter Lattman, “WaMu Fall Crushes TPG,” Wall Street Journal, September 27; Geraldine Fabrikant, “WaMu Tarnishes Star Equity Firm,” New York Times, September 27, 2008.
320 Paulson hated Flowers, and the antipathy was mutuaclass="underline" Peter Truell and Joseph Kahn, “Goldman Sachs Nears Decisive Talks on Going Public,” New York Times, June 2, 1998.
324 “Urgent. Code name: Equinox”: Craig, McCracken, Lucchetti, and Kelly, “The Weekend that Wall Street Died,” Wall Street Journal. For a more detailed account of Weil Gotshal’s involvement in the Lehman bankruptcy, see Ben Hallman, “A Moment’s Notice; Weil Gotshal Put Together the Largest Bankruptcy in U.S. History in Record Time.” American Lawyer, December 1, 2008.
329 “If we do that”: Cohan, House of Cards.
332 Eric R. Dinallo: Matthew Karnitschnig, Liam Pleven, and Peter Lattman, “AIG Scrambles to Raise Cash, Talks to Fed,” Wall Street Journal, September 15, 2008.
335 Merrill had just sold $8.55 billion of convertible stock: “Thain Gains $2 Mln on Merrill Lynch Share Purchase,” Reuters, July 31, 2008.
335 the restaurant plays host to Wall Street bigwigs over lunch: Landon Thomas Jr. “Make Your Best Offer and Pass the Parmesan, Please,” New York Times, October 2, 2005.
338 the “good bank”: Cohan, House of Cards, 445.
339 “How much equity do you need to raise”: This exchange between Gary Shedlin and Michael Klein was first reported in William D. Cohan’s article for Fortune magazine, soon followed up in his book, House of Cards. According to Cohan, “Shedlin confirmed the exchange to Fortune; Klein did not respond to requests to be interviewed.” See William D. Cohan, “Three Days That Shook the World,” Fortune, December 16, 2008.
339 lost $20 billion more than anyone had recorded: Eric Dash and Andrew Ross Sorkin, “Throwing a Lifeline to a Troubled Giant,” New York Times, September 18, 2008.
CHAPTER FIFTEEN
342 “I don’t think I can take another day of this”: The “Goldman aide” referenced in the Wall Street Journal is Blankfein’s chief of staff, Russell Horwitz. Susanne Craig, Jeffrey McCracken, Aaron Lucchetti, and Kate Kelly, “The Weekend That Wall Street Died,” Wall Street Journal, December 29, 2008.
342 not-so-subtle reference to John Whitehead: John C. Whitehead, A Life in Leadership: From D-Day to Ground Zero: An Autobiography, New York: Basic Books, 2005.
342 “Certain Deal Issues”: Author obtained copy of document.
343 had posed a decade earlier: “Merrill ’s Mr. Allison, reading from a handwritten sheet, spelled out the terms. ‘We think we need $4 billion to assure the fund can withstand any concerted attack by others against its positions.’ Sixteen firms were asked to pitch in $250 million.” Michael Siconolfi, Anita Raghavan, and Mitchell Pacelle, “All Bets Are Off: How the Salesmanship and Brainpower Failed at Long-Term Capital,” Wall Street Journal, November 16, 1998.
343 “What the fuck are you doing?”: Lowenstein, When Genius Failed, 203.
343 he had contributed only $100 million: Wall Street Journal, November 16, 1998.