Thursday, Oct 16, 2008
The story behind PROBLEM, REACTION, SOLUTION
New York Times: Drama Behind a $250 Billion Banking Deal
WASHINGTON — The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then Treasury Secretary Henry M. Paulson Jr. said they must sign it before they left. by 6:30, all nine chief executives had signed — setting in motion the largest government intervention in the American banking system since the Depression
What happened during those three and a half hours is a story of high drama and brief conflict, followed by acquiescence by the bankers, who felt they had little choice but to go along with the Treasury plan to inject $250 billion of capital into thousands of banks
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