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Tuesday, August 28, 2012

Too Big to Fail

 



Too Big to Fail chronicles the 2008 financial meltdown, focusing on the actions of Secretary of the Treasury Henry Paulson (William Hurt) to contain the problems during the period of August 2008 to October 3, 2008. Dick Fuld (James Woods), CEO of Lehman Brothers, is seeking external investment, but investors are wary as Lehman is seriously exposed to toxic housing assets and the Treasury is ideologically opposed to offering any sort of bailout as they did for Bear Stearns. Paulson attempts to arrange a private solution to the Lehman problem, and both Bank of America and Barclays express interest in Lehman's "good" assets. Bank of America pulls back from the deal and instead chooses to purchase Merrill Lynch. Barclays is prepared to accept the terms of the merger, but British banking regulators refuse to approve the deal. Paulson directs Fuld to declare bankruptcy before the market opens.

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