talking to folks at the treasury on friday, they were saying, look, we are trying to find a buyer but let's be clear, we are not going to use taxpayer money. >> people believe that if lehman went under the panic might spread the people were equally worried that if they build lehman out it would be this idea of moral hazard. if you believe that the government will bail you out, why wouldn't you make these decisions. >> you don't restore confidence by rescuing one institution after another, after another. >> that friday, i don't think any of them or any of us realized how bad it was going to get, we were terrified but not terrified enough . >> lehman brothers for 158 years a cornerstone on wall street. failure to find a buyer over the weekend means it's now bankrupt. >> merrill lynch hearing it could be next, agreed in an act of desperation to a shotgun marriage with bank of america. >> now we are left with morgan stanley and goldman sachs,