Too Big to Fail Page #5

I bet that's something that we'd consider.

Us and Lehman?

Deal this size, there's only room for one.

It is a lot of risk, no question,

but if you stay in the game,

- we all will find a private solution.

- Absolutely.

Don't get scared by the numbers.

We'll figure it out. Lehman is worth owning.

Guys, you got a second?

I was at AIG yesterday.

Next Wednesday,

they got a $5 billion hole, minimum.

I called Warren Buffett.

He wouldn't touch it with a stick.

We're looking into it.

It's a very big company.

Thanks, Chris. I appreciate all your help.

They're not on top of it.

Look at this.

Is this even possible?

AIG?

Holy sh*t.

Get into this.

John.

Do you see what's happening here?

Are you watching out for yourself?

I'm not thick. I'm working on something.

You're talking to B of A.

I'm sorry.

I know it's not good for Lehman,

but I have to take care of Merrill.

Let me worry about Lehman.

Barclays is still in the game.

Just get it done.

B of A is gonna buy Merrill.

We need to make Barclays work.

I thought you said the British never close.

They're here. They seem to really want it.

If we hold their hands, they'll close.

Rodgin, what the f***? I can't get Geithner.

I can't get Paulson.

I can't even get my own goddamn employees

to pick up the phone.

There's a lot happening down here, Dick.

F***.

You know what? You tell Geithner,

he doesn't pull my ass out of the fire,

Merrill's gonna be next.

He knows that.

Dick, he just told me

they're working on a solution for Merrill.

Those cocksuckers are

gonna bail out Merrill?

No, no, not the Fed.

There's no private buyers.

There's just B of A and...

They're gonna put B of A

together with Merrill?

We still have Barclays. Hank feels that...

The federal government is snaking my deal?

I cannot f***ing believe this sh*t!

B of A made a deal with Merrill?

Yeah, Lehman's still our problem.

I don't think I can

take another day of this.

You're getting out of a Mercedes

to go to the New York Federal Reserve.

It's not a Higgins boat on Omaha Beach.

Okay, okay, we've been here a long time.

Let's stop f***ing around.

Main Street wants Wall Street to pay.

They think we're overpaid a**holes.

There's no politician

who's gonna sign off on a bailout.

Why would you bail out people

whose sole job is to make money?

So, let's make this real simple.

Hank thinks he can sell

the good parts of Lehman to Barclays,

but someone has to take the real estate crap

that's weighing down the company.

Nobody knows how much this sh*t is worth,

but we know somebody has to buy it

to make a deal.

I don't like it. Nobody likes it.

Let's just suck it up and do it.

How many of you can kick in a billion

dollars to stop Lehman from going down?

I'm in. One billion.

Okay.

Goldman's in for a billion.

John?

Yeah?

Yes.

Yeah.

Yes.

We did it. Barclays came through.

Too goddamn right!

Barclays won't touch the real estate assets,

but the other banks agreed to cover those.

Call the board. Get everybody here.

We got a deal to make.

Okay.

Did you get him?

Geithner doesn't return my calls.

We can't get hold of any of those people.

At the end of the day,

they can't sign the deal without our say-so.

Yes, but do they know that?

Yes.

Yes, by all means,

now that he deigns to call, put him through.

Sir Callum, sorry I

haven't gotten back to you.

We're just sorting through

this Barclays deal for Lehman.

As Barclays' regulator,

we have serious concerns

about this proposed arrangement.

What? Are you saying

you won't approve the deal?

Even if we were comfortable

with the agreement, which we are not,

Barclays would need at least 30 days

for shareholder approval.

No, no, no, no, no, no. He can't.

He can't do this.

- Can they stop the deal?

- Yeah, of course they can stop the deal.

But even if they don't stop it,

the delay will kill it.

Let's call the Chancellor

of the Exchequer right now.

None of those assets

would be part of Barclays.

Yes, but if the FSA were to...

We need stability.

Of course.

... must be to the British financial system.

Surely you see that.

Yeah.

I wish you good night and good luck.

Good night to you, too.

"We don't want to import your cancer."

Those of you

who didn't want to assist the Barclays deal,

you can breathe a sigh of relief.

The deal's not gonna happen.

- Hey, we have the money.

- Deal's dead.

British regulator won't sign off.

There must be some pressure you can exert.

Trust me, I've done everything I can.

The British,

they grin-f***ed us.

Paulson's got 100,000 employees.

Geithner has 200 lawyers.

Frigging Chris Cox has 3,000 people.

Not a single one of those a**holes

could pick up a phone,

call the British, find out

if there was a deal to be made

before they spend the weekend

sweating us for cash?

Somebody dropped the ball.

They didn't drop the ball.

They dropped the ball,

kicked the coach in the nuts

and took a crap in the quarterback's mouth.

Of course.

The Fed will do something.

They have to.

We've got to announce

the Lehman bankruptcy now.

If Asia opens and this isn't locked down,

everyone's gonna assume the worst.

The sell-off will kill

the Merrill-B of A deal.

- Who's gonna make the announcement?

- I think it's gotta be SEC.

Yeah.

Okay.

Let's do it here.

How soon can we set that up?

Right away.

We could use the main floor,

the entrance hall.

With the statue behind me? Excellent.

Did Lehman actually agree to file?

Chris, call Lehman.

Make sure they file right now.

Absolutely.

AIG's a huge problem.

The books are a mess.

But from what I can tell,

half the banks in the world

are in bed with these guys.

Everyone who had

a piece-of-crap mortgage security

bought insurance on their risk from AIG,

and I mean everyone.

How could they let this happen?

They must have figured

real estate would never go down, ever.

Hank, Lehman still hasn't filed.

Cox has to make his announcement.

Asia's opening.

Has he talked to them?

He hasn't even called yet.

We told Fuld about Barclays.

We said Cox was gonna call.

He's got his entire board

sitting there, no call.

Cox is like a deer in the headlights.

Son of a b*tch!

You are their regulator.

Call the Lehman board now.

Hank, it's a complicated situation where...

Asia's opening.

They don't announce,

the market goes in the toilet.

We have to consider the appropriate role

of government here.

Can I, as Chairman of SEC,

move forward and...

You guys are like the gang

that can't shoot straight.

This is your job.

Make the damn phone call.

Chris, this is Dick Fuld.

The board is in session. Everyone is here.

All the directors and the firm's counsel.

We understand

the Barclays deal has imploded.

We were hoping you might have some option

that we haven't thought of yet.

The markets are in turmoil, as you know.

A Lehman bankruptcy will help

settle that uncertainty

and, we believe, calm the market.

Both the Fed and SEC

are in agreement about this.

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