'Too Big To Fail'

" You write for the New York Times you report on the financial beat you know these people are. Yeah you you've met these people but what this is. Is this story all of them. Of Richard -- over Lehman Brothers and of the Tim Geithner and the various Hank Paulson all the people. There were involved in this thing that shook the world. A year ago and and you wonder how did you debt. The story about the Kazaa a you've got to down to. Their commutes and their conversations and their meetings."

" Well the Lebanese say you know the book is called too big to fail but really as as you just said it's a story about people frankly who -- to beat them. That's what that's what I wanted to I wanted to do human drama of what was really happening behind the scenes. See you really can understand how we got into this position and how they tried in their own way. No of course and certain instances failed quite miserably -- tried to save us. And so the goal was to literally sit with hundreds of people was 500 plus hours of interviews. Sitting there with a tape recorder and asking the most tedious question you can arrest did you turn right or did you turn left -- son coy about the lacrosse game my heart about that. What were you eating. What did you say your wife you had Jamie Dimon. Late for dinner with his daughters. Boyfriends every parent there that's me for the first time yeah but but he was that color that to me was so interesting because here you had kindly Jamie -- The fateful weekend of Lehman Brothers and he's he's apathetic and rushing back is where does he need to really -- He needs to be home and so. I don't know what what that particular -- says but the idea of actually trying to get in the room and understand these people there's a scene you you haven't gotten there yet you will see actually at the end I just had a woman caught in the street. And told me that she cried along with and where Dick -- goes home. Actually after Lehman Brothers files -- bankruptcy and is crying with his wife and so there these are these moments and it's it's dramatic and it's emotional but Hank Paulson later in the peace. At the literally vomit. At his office he is he so emotionally sort of tortured by the idea that Morgan Stanley may -- and Goldman Sachs may be next and so. It was really try to get it all of that and people were remarkably open I must say I did give everybody sort of would -- and backgrounds everybody was free to speak. People showed up with their emails I had CO came early in my interview process with his notes from the weekend at the bed. He had literally drawn out in a circle where everybody -- acts. And I said to wired you giving me that's -- him and he looks -- mean since. For the same reason I took it down this is history so there were certain people who wanted to play if you will because they were trying to reconstruct the historical record others of course we're trying to protect their own legacy. And others still there's sort of an inflection point in the reporting process where people who didn't wanna play or participate. When you can tell them. Yes I know you were John -- house at 10:30 in the morning and you're sitting on the couch having had chicken wrap and your your hug your your son calls because he's late for the lacrosse game. You begin when a protest if for certain people thought maybe --"

" I can see the history part of that is that because it doesn't take much to understand that this is historic. And everybody that -- we went through it. They had to understand that what was happening with something that none of us had ever seen. In our lives and had not even even Ben Bernanke and others who studied the great depression and so forth and so on we're seeing things that nobody ever seen before so. It was a first. When it comes to of the people involved follows up a meal like you said you go back and I've already gone through the part where and Richard -- It was that a college summer intern job aren't with Lehman Brothers so -- better since he was a teenager."

" That's how we started men and part of the whole whole piece at a whole book was trying to tell you who these people really work. Where they came from how how the relationships are so interconnected and almost incestuous. Relationships is people had a ten years ago they're all connected I was."

" Surprised about all the ones that used to work for some of the authors of it all and -- in that one little lessons out of this folks which I'd I. All believe -- time piled on more birthdays. Is sometimes. When you think that you had just been handed. The bottom of the deck and you've had lousy draw and you've been fired or you have been switched pushed out of whatever was. I don't get morose about the whole thing because so many of these big people. That are running these big institutions. Were pushed out Jon Corzine. Governor of New Jersey. Was it was pushed out started crying about being put -- what's -- is that."

" Now it is it's remarkable and interconnected angle we should have created a chart just actually demonstrate how close everybody really is but what happens actually later. At some -- almost sad because you have. Almost petty jealousy is part of their relationships for ten years earlier. That somehow come back to haunt her as they're making these these very important decisions about their own institutions and so. That was the remarkable part also appealing backstop that we just didn't know that wasn't in the headlines -- The book starts the day after Bear Stearns is sold to JPMorgan for two dollars a share with the government backstop and and you know. There was almost a sense of complacency after that through the spring in the summer -- at least in in in the media and in the markets will thought things were coming back Lloyd Blankfein told us. The CEO of Goldman Sachs -- That we were at the worst was behind us. And and yet what you find out is you know. The government intervention efforts didn't started September. Hank Paulson was leaning on Warren Buffett to make an investment in march of 2008 in Lehman -- right. You know we all heard about bank of American Barkley showing up in September to buy Lehman. They tried to set public company Lehman in in April without Dick -- even knowing it the government trying to orchestrate that deal right."

" And you've got the quotes in there were Paulson was trying to under I mean he knew the role. Was very difficult -- knew how important it was. That is the Treasury Secretary he should not be orchestrating deals of private companies which are RC had to abandon quite quickly as."

" As things progressed. -- you haven't gotten there and I don't wanna -- spoiled complete surprise but one of the more eerie scenes that that you're about I can see where your coming up on the pages there. In in April April 15 there is a memo it's written by treasury staffers. That I will tell you use. The TARP plan. -- TARP which you'll know 700 billion dollar natural and did not we have through until -- we've all heard about -- the idea that the government would put up 700 billion dollars -- into the system. In September right that's what we all fun run they had written a memo saying if the world ends this is what we did. It was at the time that actually redundant as 500 office but so you really start seeing that you know we'll look at September it was a big surprise. Unfortunately a lot of these people saw the train her and how on the tracks and everybody tried to get out of the way in their own little way and and obviously didn't let them. It makes a lot of what we we know a little bit more explainable."

" Andrew I was in the retail into the financial -- rent a financial services of prevent investment firm for 27. Years. I stood out on seventh avenue. In front of Lehman Brothers. That Sunday night. With people coming in getting their boxes there worldly possessions. And leaving the firm. And I was shaken out I was totally shaken that night and then hearing. And Merrill Lynch is also gone."

" Well and it -- to a tape by the way that's the Genesis of this book which is I came home that night it was 230 in the mornings timber fifteenth. Lehman Brothers in just file for bankruptcy at 1:45 in the morning I came home and I was shaken. And I wanted to talk to somebody about this and took for I woke up my wife who wasn't exactly -- is a and I told irrelevant and said. So dramatic public life it's like a movie and she looks over me right before she rose an average you don't know it's like a book and that's actually have."

" Charles all right really how it started from all right so that's how the book started -- looking at this and with all the characters and with all the people who and all the intrigue and everything else involved -- Somebody has Paramount has somebody called you. Will we might hopefully we'll have some good news in early okay so that Belichick says yes -- this -- this -- got movie written all over the thing."

" Tim -- always felt like a movie it felt like a story about people and went and when you really get to see what they were saying to each other and in the backbiting. It's just -- it to mean even now as a reporter was remarkable."

" And of course. Hollywood loves to and they don't to a very often but I mean Wall Street. Current was one of the that one of the great Britain and regularly -- Oliver stone's working on a sequel. Yeah and in Gordon gecko is apparently still somewhere in it in -- absolutely free greed is still good you sticks great line."