Over the weekend exactly two years ago, a few smartly dressed gentlemen gathered in an otherwise unremarkable boardroom in New Yorkâ€™s Wall Street district. They spoke in hushed tones. They sipped coffee from white porcelain teacups.
While their manner was indistinguishable from any other meeting held before or after in that oak-paneled office, by the end of the day, theyâ€™d arranged to rescue Merrill Lynch, allowed Lehman Bros. â€“ one of Wall Streetâ€™s most venerable firms â€“ to declare bankruptcy and kicked off a series of events that would lead to the $180 billion taxpayer bailout of insurance megalith AIG.[Read more...]