Lehman Brothers | The Reckoning
2/3/202635 min
After Lehman Brothers declares bankruptcy, U.S. Treasury Secretary Hank Paulson is thrust into a financial war, knowing every decision he makes could tip the nation even deeper into chaos.
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Transcript preview
First 90 secondsLindsey Graham· Host0:00
American Scandal uses dramatizations that are based on true events. Some elements, including dialogue, might be invented, but everything is based on historical research. [upbeat music] It's seven ten AM on September 15th, 2008, in New York City. Secretary of the Treasury, Hank Paulson, sits on his bed in the Waldorf Astoria Hotel and rubs his face. He's only slept a few hours. All night long, his mind has been replaying the weekend that's just gone by. The British bank, Barclays, was ready to save Lehman Brothers. The most powerful CEOs of Wall Street came up with billions of dollars to support the deal, but then it all fell apart. Paulson was left with the choice of either funding another Wall Street bailout with government money or letting Lehman fail. He made his choice, and in the early hours of this morning, Lehman Brothers went bust. Now, Paulson has to deal with the fallout. But as he starts to get ready, his cellphone rings. It's the White House switchboard. A few moments later, Paulson is connected directly to President George W. Bush. Morning, Hank. How are you doing? Good morning, Mr. President. It's been a long weekend, but Lehman's bankruptcy is now official. They filed at one forty-five this morning. Yeah, I heard. How do you think