2008 Financial Crisis Primer  Tags: financial crisis  

• "Paulson Senate Testimony." CNBC Business News. 30 Oct. 2008.  nytimes.com. 31 Oct. 2008 <link to video>.

Abstract: CNBC coverage of Treasury Secretary Henry M. Paulson Jr., who spoke on factors that are hampering the economy.

• Nocera, Joe et al.“Running a Step Behind as a Crisis Raged.” New York Times 23 Oct. 2008, sec.  A1. NewsBank.  IIT Downtown Campus Library, Chicago IL.  27 Oct. 2008. <link to article>.

Abstract: "Article in series The Reckoning exploring causes of financial crisis revisits decision by Treasury Sec Henry Paulson to let Lehman Brothers go bankrupt; debate rages about whether Paulson could have--and should have--intervened, but it was soon after that he decided that he had to find systemic solution instead of lurching from crisis to crisis, fixing one company only to find more that needed attention; Paulson and his team are working tirelessly to stem crisis, contending they are doing everything they can, given financial excess that has built up in past decade; while history will judge his decisions and actions, other government officials and financial executives suggest rescue efforts have been not only chaotic but causative, especially Lehman's failure." -- NewsBank

• “A Conversation with Henry Paulson, United States Treasury Secretary”, Charlie Rose. 21 Oct. 2008.  Charlierose.com 1 Nov. 2008 <link to video>.

Abstract: Secretary Paulson discusses many aspects of the financial crisis including the decisions to save Bear Sterns, Fannie Mae and Freddie Mac, the decision not to save Lehman Brothers, mortgage rescue programs and his expectations for how banks should spend the funds they receive through the Troubled Asset Relief Program (TARP). 

• "Bernanke on Mortgage System Overhaul." CNBC Business News. 31 Oct. 2008.  nytimes.com. 31 Oct. 2008 <link to video>. 

Abstract: CNBC coverage of speech by Ben S. Bernanke, chairman of the Federal Reserve, on the need for a housing finance system that minimizes risk to the financial system. 

• "The Money Man - Meet Ben Bernanke, Depression Scholar, Unlikely Superman." Newsweek 17.152 (27 Oct. 2008): p. 53. America's Newspapers.  NewsBank.  IIT Downtown Campus Library, Chicago IL.  27 Oct. 2008. <link to article>.

Abstract: "Short, white-bearded and placid, the 54-year-old Federal Reserve chairman seems the unlikeliest of heroes. But in recent weeks, Bernanke has been trying, in effect, to save the world. He has super-empowered the Fed, expanding its lending authority in unprecedented ways, while fighting off a global financial panic that feels to him alarmingly like the one that led to the Great Depression, his life's focus as a scholar." -- NewsBank

• "Mission Creep at the Fed." Economist 387.8592 (9 Aug. 2008): 67-70. Business Source Premier. EBSCO. IIT Downtown Campus Library, Chicago IL.  2 Nov. 2008. <link to article>.

Abstract: "The article is about Ben Bernanke, chairman of the U.S. Federal Reserve Board, and his creative and aggressive actions to stave off a recession in the U.S. in 2007 and 2008. He has attempted to follow former U.S. President Franklin Roosevelt's policies in dealing with the Great Depression in the 1930's by working quickly and experimenting with every solution he can find." - Business Source Premier

• "The Bailiff." Economist 387.8601 (11 Oct. 2008): 90-90. Business Source Elite. EBSCO. IIT Downtown Campus Library, Chicago, IL. 19 Oct. 2008 <link to article>.

Abstract: "The article discusses the role of Sheila Bair, head of the U.S. Federal Deposit Insurance Corporation (FDIC) in the financial crisis. Details about the challenges faced by Bair in 2008, including the collapse of Washington Mutual savings and loan company, are provided. Bair's financial experience and her attempts to handle the U.S. financial crisis are also examined." -- Business Source Elite

• “Goldman Receives $5B Investment from Buffett,” Investment Dealer’s Digest 74.37 (29 Sept. 2008): 17-17. Business Source Premier. EBSCO.  IIT Downtown Campus Library, Chicago IL.  26 Oct. 2008. <link to article>. 

Abstract: "The article reports that Goldman, Sachs and Co. will receive $5 billion equity investment from Warren Buffett's Berkshire Hathaway Inc. It cites the plans of Berkshire to acquire the perpetual preferred shares in private offering as well as to raise at least another $2.5 billion in common equity in a public offering. Moreover, the move of Buffett to invest in companies is in line with his trust to the companies' top management teams." -- Business Source Premier

• Paumgarten, Nick. “GOLDMAN TRUST,” New Yorker 84.31 (6 Oct. 2008): 32-33. Academic Search Premier, EBSCO.  IIT Downtown Campus Library, Chicago IL.  27 Oct. 2008. <link to article>.

Abstract: "The article describes an event hosted by Goldman Sachs bank chief executive officer (CEO) Lloyd Blankfein. Hedge fund and private equity managers gathered at the New York City Public Library. It was announced that Goldman Sachs would transfer from an investment bank to a traditional bank. The article suggests the change was in light of the U.S. economic downturn. The U.S. Treasury and former Goldman CEO Jon Corzine are also discussed." -- Academic Search Premier 

• Cassidy, John. “Subprime Suspect,” New Yorker 84.7 (31 Mar. 2008), 78-91. Academic Search Premier. EBSCO. IIT Downtown Campus Library, Chicago, IL. 27 Oct. 2008 <link to article>.

Abstract: "The article focuses on E. Stanley O'Neal, the first black chief executive officer (CEO) on Wall Street. It discusses his alleged criminal behavior with the finance and investment company Merrill Lynch and Co., Inc. in which it was suggested that O'Neal received copious amounts of compensation during a general economic low. Information about O'Neal's background and his work with the former Merrill Lynch CEO, David Komansky, is offered and details about the alleged scandal are provided." -- Academic Search Premier

• H.R. Comm. on Oversight and Govt. Reform, Statement of Richard S. Fuld, Jr., 110th Congress. (6 Oct. 2008).  www.c-span.org 1 Nov. 2008 <link to video>.

Abstract:  Full CSPAN coverage of Richard Fuld's two hours of testimony before the Committee on Oversight and Government Reform.  Richard Fuld's formal written statement is also available from the committee's own website at www.oversight.house.gov. <link to pdf>.  

• A. R. "Lehman Confirms Q2 Loss, De-Leveraging Underway." Mergers & Acquisitions Report 21.25 (23 June 2008): 4-4. Business Source Premier. EBSCO. IIT Downtown Campus Library, Chicago, IL. 27 Oct. 2008 <link to article>.

Abstract: "The article reports on the $2.8 billion business losses posted by Lehman Brothers in the second quarter of 2007. The company lost $5.14 a share compared with net income of $489 million or 81 cents per share. Lehman chief executive officer Richard Fuld admitted that he was responsible for the totally unacceptable business losses." -- Business Source Premier

• Altman, Alex. "The Moment." Time 172.13 (29 Sep. 2008): 15-15. Business Source Premier. EBSCO. IIT Downtown Campus Library, Chicago, IL. 27 Oct. 2008 <link to article>.

Abstract: "The article discusses the scene at the financial company Lehman Brothers in New York City. A description of the staffers as they were leaving the firm's Manhattan headquarters and comments from an analyst who worked for Lehman Brothers are presented. Also presented is the painting unveiled by Geoffrey Raymond, "The Annotated Fuld," depicting Lehman's chairman and chief executive officer Richard Fuld. Employees and passersby were encouraged to write messages on the painting." -- Business Source Premier

• Kerber, Ross. “Frank Talk About the Economy – Congressman says more government action needed.” Boston Globe 25 Oct. 2008, sec 9B. NewsBank.  IIT Downtown Campus Library, Chicago IL.  27 Oct. 2008. <link to article>.

Abstract: "In a wide-ranging interview with Boston Globe editors and reporters, Frank emphasized the need for more government action to check a quickening economic slide." -- NewsBank

“After all, you only find out who is swimming naked when the tide goes out.”   

Buffet, Warren. “Chairman’s Letter.” Berkshire Hathaway Inc. 2001 Annual Report, Feb. 2002: 3-19, berkshirehathaway.com, (19 Oct. 2008) < link to pdf >.