Offering a sneak peak of the CNBC Original “Crisis On Wall Street: The Week That Shook The World” premiering Wednesday, Sept.12 at 10pm ET/PT.
Ten years after the fall of Lehman Brothers, CNBC has produced the definitive televised account of the historic bankruptcy and cascade of events over a September weekend in 2008 that led to the worst financial crisis in generations. In this prime time original documentary, Andrew Ross Sorkin, CNBC anchor and author of the groundbreaking best-seller “Too Big to Fail,” reports on how the nation and the world came as close as ever to a full economic collapse.
The story is told through gripping interviews with those at the highest reaches of the U.S. government as well as the CEOs of the nation’s largest banks who gathered to try to save Lehman Brothers from failure. Wall Street chiefs Jamie Dimon, John Thain, and others describe dramatic, around-the-clock negotiations. Former U.S. Secretary of the Treasury Hank Paulson tells of the desperate moment when he realized that a Lehman bankruptcy could bring down the world’s financial system.
Could a financial crisis of this magnitude happen again? Sorkin puts that question time and again to the people gathered for this CNBC documentary, who shouldered the fate of the world’s finances and who recall the nightmare scenario they faced down ten years ago.
“It would be breadlines across the country for a generation,” former president of the N.Y. Federal Reserve Tim Geithner told Sorkin. “We did feel that we were making choices and faced with outcomes that would be devastating to the lives of hundreds of millions of people.”
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Crisis On Wall Street: The Week That Shook The World (Part 1) | CNBC
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Wao no one knew what was happening.?I CAN'T BELIEVE THAT.
free Trump
I was working for Lehman Brothers up until they crashed. I was working with a group trying to offload bad mortgage loans back to the original sellers. It was like trying to bail out the Titanic. When they finally told us to stop working, the company had gone bust, I remember bursting into exhausted tears. Then I got laid off as thanks for 15 hour days.
Wall street is nothing but bullshiat and crookery…just like your network 😂😂😂
Millennials on main street have wall street trapped in TOXIC 1000% borrow costs and no way out. Time for retribution
Lehman Brothers played a massive role in getting into the toxic investments that caused the financial collapse. Their demise was deserved.
they should all be in jail
Wallst vs Mainst
I think in Europe and here in Australia we didn't feel anything, if it was not on the news we wouldn't have known it happened.
Your greed caused great misery, I was luck to keep my job shredding paper for 3 months
remember this when someone get profit 2,6b lol
It’s happening again; bank failures left and right! 🤑
Where is part 2?
Wealth inequality caused the great depression, 2008 crisis, and it's as bad as ever today. But if you criticize billionaires or their government, 13 year olds call you a communist.
He we go again. SVB and Signature both go under within 24 hours of each other.
Crazy times
Which is worse? SVB or Lehman Brothers?
1:16 the music is so good
Some of us had been waiting for several years for the shoe to drop, and knew that the longer it took, the worse it was going to be. I grabbed a bag of popcorn and watched the carnage when it happened.
Well… at least now a days, you don’t have to carry a cardboard box right after getting laid off. You can skip that and go directly to the trauma at home state.
What Congress does can bankrupt Main Street and Wall Street.
Bankman Fraud
Ftx
people really are going to be crying soon too many Americans think we concord all the financial issues in 2020 the pandemic recession was the shortest one in history because it was postponed 2 years later we are lowering the shield
They're already dead once you ripped their hearts out!
WHILST THERE IS — NO COMMON SENSE, — NO STABILITY, — NO CLARITY, — NO MANDATORY LEGISLATION, — THERE IS NO DETERRENT TO PREVENT RAMPANT ABUSE OF THE FINANCIAL SYSTEM.
Whilst no political party has the common sense to enshrine in their manifesto legislation to bring back pre- 1997 strict banking regulations and similar mandatory legislation to the USA Glass Steagall Act to protect mortgagees and pensions from the rampant abuse of the banksters' racketeering, the 2007-2008 crisis, and the 2022 financial crisis will happen in perpetual cycles every 15 to 20 years, and between each cycle, the masses will be kept in debt and continuously, suffer poverty, austerity over all their lives from the cradle to the grave.
Isn't it amazing how banksters always make billions out of crises?
TRICKLE-DOWN ECONOMICS WOULD BE LAUGHABLE IF IT WASN'T SO SERIOUS
When the super-rich banksters didn't pay back the taxpayers' money, they gambled on the subprime property market on wall street during the 2007 and 2008 financial crises. What makes you think they will pay back the tumultuous rise in interest rates, which is a windfall raid on your bank, your mortgage, and pension, also on small businesses, forced to pay higher rents and council rates, all of which are passed onto you adding to your cost of living. Have you forgotten how the banksters privatized the profits and socialized the losses? Have you forgotten the letter left in the Treasury for the incoming party, "There is no money?"
It most certainly was not trickle-down economics. YOU, the Taxpayer, were forced to bail out the banks to the tune of hundreds of billions.
Liz Truss and now Sunak economics will most undoubtedly bankrupt homeowners and small businesses, making hard-working families homeless and their property repossessed. With the loot given to the super-rich with no guarantees for the security of their homes, it is total unlawful madness. Liz Trust and Sunak or any political party never had a mandate or Authority from homeowners to use their property to raise collateral with which to gamble on volatile financial markets.
SUNAK let it out of the bag. The CATACLYSMIC increase in the cost of living is the war in UKRAINE.
But the money the UK government is siphoning off from the tumultuous rise in mortgage interest rates is being used to fund BIDEN'S Proxy war of attrition in Ukraine.
BORIS AND BIDEN have made it quite clear that the UK will support the war for as long as it takes, no matter the CATACLYSMIC cost to the British economy and the austerity it will cause.
They now say they can no longer afford the NHS, but they can afford to finance and export expensive weapons to exacerbate BIDEN'S PROXY WAR OF TERRORISM.
BIDEN could stop the war in a moment by agreeing to guarantee the Security concerns of Russia
PRESIDENT PUTIN has genuine legitimate concerns to protect Russia's National Interests and the safety of its people against NEO NATZI NATO's relentless aggression.
THE DIFFERENCE BETWEEN 'PARLIAMENTARY SOVEREIGNTY,' AND THE 'ULTIMATE SOVEREIGNTY.'
Since the Magna Carta and the 17 hundreds, the British Constitution and Royal Assent is based on the Convention of Parliamentary Sovereignty, which in Principle, Equity and in Law, at all times is, as it must be, subordinate and subject to, the "Ultimate Sovereignty," of Equity and justice which guarantees the rights of individuals, conferred upon it by WE THE PEOPLE.
Government OF the People, BY the People, FOR the People is the "ULTIMATE SOVEREIGNTY" which belongs to "WE THE PEOPLE." citizens of the UK, which is the overriding point of Law. PERIOD.
Ultimate Sovereignty is the highest legal Authority of any country. It is the Legal Authority upon which your vote at the ballot box depends. It is unequivocally sacrosanct. It is NOT a commodity to be traded. In Principle, in Law, and in Equity, "WE THE PEOPLE", are the "FEE SIMPLE ABSOLUTE OWNERS FOR EVER" of the "ULTIMATE SOVEREIGNTY."
Right down through history, Ultimate Sovereignty has been under attack. Politicians will come and go but the "Ultimate Sovereignty" is sacrosanct. However, the Law which protects the "Ultimate Sovereignty" of the people has become vulnerable to the "Financial Sovereignty" over which the Elite have usurped the power to control. Once the people lose their "Ultimate Sovereignty", you have a Totalitarian Fascist Dictatorship.
The Sovereignty of the people has unlawfully been undermined to such a degree that we now have: Government OF "The Corporate Elite Banksters" BY "The Corporate Elite Banksters" FOR "The Corporate Elite Banksters."
BIDEN AND BORIS HAD NO LEGAL AUTHORITY OR MANDATE BY WAY OF A REFERENDUM TO EMBROIL THE UK IN BIDEN'S PROXY WAR OF ATTRITION IN UKRAINE.
BIDEN and BORIS had no legal authority to embroil the UK in Biden's proxy war. It took a REFERENDUM to unshackle the UK from the unelected autocrats in Brussels. The UK left the EU. We are not at war with Russia. Russia has not declared war on Britain.
this time everything will collapse. Finally
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