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October 26, 2009

The Financial-Crisis Lit Cheat Sheet

New York Magazine:

Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis -- and Themselves, by Andrew Ross Sorkin

WHAT: A virtually minute-by-minute account of the scariest hours of the crisis, beginning in the aftermath of the seizures of Fannie Mae and Freddie Mac and concluding with TARP and the hastily assembled near-afterthought that was the $180 billion AIG bailout.

BEST BIT: On page 120 appears the first print mention of the rumored affair between Joe Gregory, the widely reviled chief operating officer of Lehman Brothers, and Erin Callan, the statuesque, blonde, wholly inexperienced tax attorney promoted to chief financial officer of the firm at the beginning of the year. According to the book, Callan separated from her husband "around the time" of the promotion, after which she and Gregory "became inseparable."

Posted by Jim Zellmer at October 26, 2009 2:33 AM
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