A close look behind the scenes, between late March and mid-October, 2008: we follow Richard Fuld's benighted attempt to save Lehman Brothers; conversations among Hank Paulson (the Secretary of the Treasury), Ben Bernanke (chair of the Federal Reserve), and Tim Geithner (president of the New York Fed) as they seek a private solution for Lehman's; and, back-channel negotiations among Paulson, Warren Buffet, investment bankers, a British regulator, and members of Congress as almost all work to save the U.S. economy. By the end, with the no-strings bailout arranged, modest confidence restored on Wall Street, and a meltdown averted, Paulson wonders if banks will lend.

Henry Paulson:
[TIREDLY] The Fed can lend to non banks under unusual and exigent circumstances, we're thinking of taking over 80% of the company.


Jim Wilkinson:
[INSISTENTLY] Hank we can't! This morning we were lecturing the entire country on morale hazard.


Henry Paulson:
[INCREASINGLY ANGRILY] AIG has collateral, they have assets, Lehman didn't, we couldn't lend into a hole, its not the same story!


Jim Wilkinson:
[PLEADINGLY] Nobody is going to care, its another bailout, with no legislation, the Hill is gonna go crazy, the country is gonna go crazy.


Henry Paulson:
[ANGRILY LECTURING] The plane we flew in on this morning leased from AIG, construction downtown AIG, life insurance 81 million policies with a face value of 1.9 trillion. Billions of dollars in teachers pensions, you want to big to fail here it is! You got a better idea -the suggestion box is wide open!


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