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CSPAN2 April 7, 2010



have a hard time understanding because we are the united states of america, and i had a hard time understanding until i started turning over every stone to see what authorities we had the there was no authority to guarantee liabilities or to put capital into the institutions. but any event, i m not sure what the british were i had said in the book i used rasht language when i was disappointed but as i sit in the book as i reflected on it, they obviously had their own issues they were looking at and the regulator it was for them a very difficult decision to let one of their banks go ahead and in the middle of a run lehman brothers step in and make the acquisition and be confident they had the wherewithal to do that. limited part in a much smaller transaction and i think it was tuesday or wednesday of the british authorities said if you have an account with lehman keeping securities there you couldn t take it out. they froze the accounts basically, which i gather came ....

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