PBS - FRONTLINE - "Breaking the Bank" - worth watching, just click on the link

PBS - FRONTLINE - "Breaking the Bank"

Click here---> http://www.pbs.org/wgbh/pages/frontline/breakingthebank/view

In Breaking the Bank, FRONTLINE producer Michael Kirk (Inside the Meltdown, Bush's War) draws on a rare combination of high-profile interviews with key players Ken Lewis and former Merrill Lynch CEO John Thain to reveal the story of two banks at the heart of the financial crisis, the rocky merger, and the government's new role in taking over -- some call it "nationalizing" -- the American banking system.

It all began on that fateful weekend in September 2008 when the American economy was on the verge of melting down. Then-Secretary of the Treasury Henry Paulson, his former protégé John Thain, and Ken Lewis, one of the most powerful bankers in the country, secretly cut a deal to merge Bank of America and Merrill Lynch.

The merger of the nation's largest bank and Merrill Lynch was supposed to help save the American financial system by preventing the imminent Lehman Brothers bankruptcy from setting off a destructive chain reaction. But it became immediately clear that it had not worked. Within days, the entire global financial system was collapsing.

In Washington, Secretary Paulson was determined to spend billions of government dollars to prevent the American banking system from dragging the country into a depression. That October, Lewis, Thain and other top bank CEOs found themselves at an emergency meeting at the Treasury Department. Paulson told the group they had no choice but to accept $125 billion of capital from American taxpayers in order to save the financial system. Initially, Bank of America's CEO Lewis was supportive of the plan. "We are so intertwined with the U.S. that it's hard to separate what's good for the United States and what's good for Bank of America," Lewis tells FRONTLINE.

more at PBS FRONTLINE ----> http://www.pbs.org/wgbh/pages/frontline/breakingthebank/view

Views: 142

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Tara on July 3, 2009 at 11:56pm
Thanks, it looks like a good watch! I'll have to check it out soon.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Sandy posted videos
9 hours ago
cheeki kea commented on cheeki kea's photo
15 hours ago
cheeki kea posted a photo
15 hours ago
cheeki kea favorited Doc Vega's blog post A Grain of Hope
16 hours ago
Doc Vega posted blog posts
yesterday
Doc Vega's 7 blog posts were featured
yesterday
tjdavis's blog post was featured
yesterday
Burbia's blog post was featured

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
yesterday
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-357a10f7111dcf87a3cc6e2afad83855

"Islam is only a phase preceding a total Talmudic rule and a new world religion."
yesterday
Less Prone commented on tjdavis's photo
Thumbnail

WWRJD

"I doubt a d-rat Jesus would be better. Much worse. “Politicians are the lowest form of life…"
yesterday
Less Prone favorited tjdavis's photo
yesterday
Doc Vega posted blog posts
Friday
cheeki kea commented on cheeki kea's photo
Thumbnail

Lost History

"The Tartar wall - aka The Great Wall of China is hundreds of years old and was up and running in…"
Friday
cheeki kea posted a photo
Friday
tjdavis posted a blog post
Friday
tjdavis posted a photo
Friday
Doc Vega posted blog posts
Thursday
Doc Vega posted a photo
Wednesday
Doc Vega posted a blog post

No Place to Hide

Stumbling through this confusing lifeLike a blunt and rusty knifeSo why is there all this…See More
Wednesday
Burbia posted a blog post
Wednesday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted