Source: CPA Letter Daily
In his book “On the Brink,” former Treasury Secretary Henry Paulson recounts the 48 hours before Lehman Bros. declared bankruptcy. Paulson explains the conversations he had with various Wall Street CEOs, including Ken Lewis of Bank of America, John Mack of Morgan Stanley and Dick Fuld of Lehman as federal officials and bankers scrambled to find a resolution. Paulson also delves into how he was feeling as he explained the situation to his wife. ” ‘What if the system collapses?’ I asked her. ‘Everybody is looking to me, and I don’t have the answer. I am really scared.’ ”
