feeling their pain. this is the biggest point drop that has ever been seen. we are in the midst of a serious financial crisis and the federal government is responding with decisive action. these guys have been gambling with the house money for years and it s our job to bail them out? the largest swindle in wall street history, and alleged 50 if you million dollar ponzi scheme by bernard madoff. you belong in jail, you criminal! the pardon is over. if there was any company that could make energy cool, it was enron. the texas energy broker treated electricity like any other commodity. it buys and sells billions of dollars worth of energy, every day. it s the largest company of its kind in the world. enron is a company that deals with everyone with absolute integrity. we play by all the rules and stand by our work. we mean what we say . ken lay was the original ceo, he ran enron when the company was created out of the merger of two pipeline companies. he seem
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,