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One Lesson from Crisis to Crisis Repeating the Same Mistake
Wednesday, January 14, 2015 10:33
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by Adam English, Outsider Club:
John Thain got a phone call one Friday evening, demanding his presence at the New York Federal Reserve building within the hour.
The chairman of Merrill Lynch ditched his normal contingent of assistants and employees and went alone.
As he was shown into the meeting room, he saw a collection of the most powerful CEOs from the largest investment and commercial banks.
As the room quieted, the host had one thing to say: “There will be no bailout for Lehman… the only possible way out is a private-sector solution.”
