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
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
they say on wall street that nothing happens until the lines of fear and greed cross. and there is no better example of the lines of fear and greed crossing than the lehman bankruptcy on september 15th, 2008. the markets were fearful. [ closing bell ] your future, my future, our future. a meltdown on wall street, the first since 9/11. this was a once in a half century, probably a once in a century type of event. it is the worst you ve ever seen in your career? oh, by far. because he s let lehman go under, there is suddenly shock in the financial world that morgan stanley is going to go under and goldman sachs is going to go under. and now you ve got panic. the american people can remain confident in the soundness and the resilience of our financial system. nobody understood what was happening. they couldn t believe that these grand institutions were about to come undone, and they were waking up in the morning and finding out it was worse today
Rescuing one institution after another after another. that friday, when we brought the market together of the new york fed, i don t think any of them, or any of us, realized how bad it was going to get. i would say we were terrified at that point, but probably not terrified enough. lehman brothers, a cornerstone on wall street. failure to find a buyer over the weekend, means it is bankrupt. meanwhile, merrill lynch fearing it could be next, agreed to a shotgun marriage with bank of america. now, we re left with morgan stanley and goldman sachs. out of five three months ago, there are two left. how long have you worked for lehman, sir? when they declared bankruptcy, i cannot explain the shock and awe of the industry. you re talking about investment banks. these are the smartest money on wall street. how have they been getting it wrong for so long? they say, on wall street, that nothing happens until the lines of fear and greed cross.
Paulson and i brought the market together at the fed, i don t think any of them and really any of us realized how bad it was going to get still. i think we were terrified at that point. probably not terrified enough. lehman brothers, a cornerstone on wall street, f l failure to find a buyer means it s bankrupt. merle lynch fearing it could be next agreed in an act of desperation to a shotgun marriage with bank of america. . now we re left with morgan stanley and goldman sachs. out of phi three months ago, there are two left. how long have you worked for lehman? when they declared bankruptcy, i cannot explain to you the shock and awe in the investment community. if lehman can go down, what does ma mean about the health of the american financial system? you re talking about investment banks. how have they been getting it wrong for so long? nothing happens until the lines of fear and greed cross. there s no better example of the