there are two left out of five. when they third bankruptcy, i cannot explain to you the shock and awe in the investment community. if lehman can go down, what does that mean about the health of the financial system? you are talking about investment banks, how have they been getting it wrong for so long. they say on wall street nothing happens until the lines of fear and greed cross, and there s no better example of the lines of fear and greed crossing been the lehman bankruptcy on september 15, 2008. the markets were fearful. our future at stake. this is a once in a half- century probably once in a century type of event. is it the worst you ve ever seen? by far. because you ve let lehman go
under, the shock in the financial world that morgan stanley will go under and goldman sachs will go under and now you ve got panic. the american people can remain confident with the soundness and resilience of our financial system. nobody understood what was happening. they couldn t believe that these grand institutions were abou t to come undone. and they were waking up in the morning and finding out it was worse today than it was the day before. it s the latest crisis to rock the financial markets, insurance giant aig teetering on the brink of bankruptcy. this is a colossal firm. if it fails, the ripples would travel far and wide throughout the global economy. all of a sudden, who would have dreamt this other bombshell goes off, which is aig and if you think lehman brothers was complicated to figure out, aig was monumentally bigger. aig is this massive insurance company but they also had a division called aig financial products, which would offer something called a credit