The third episode of Meltdown looks at how the victims of
the 2008 financial crash fight back. A protesting singer in Iceland
brings down the government; in France a union leader oversees the
kidnapping of his bosses; and thousands of families are made homeless in
California.
Showing posts with label paulson. Show all posts
Showing posts with label paulson. Show all posts
October 5, 2011
October 2, 2011
A global financial tsunami
In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.
Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.
Lehman's failure had repercussions around the world. Millions of people lost their life savings. Pension plans were decimated.
Christine Lagarde, the French finance minister at the time and a close friend of Paulson's, publicly described Paulson's decision on Lehman "horrendous".
Markets from London and Paris to Shanghai fell. An epidemic of fear caused the world's major banks to stop lending, ending the year in protests and industrial action.
Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.
Lehman's failure had repercussions around the world. Millions of people lost their life savings. Pension plans were decimated.
Christine Lagarde, the French finance minister at the time and a close friend of Paulson's, publicly described Paulson's decision on Lehman "horrendous".
Markets from London and Paris to Shanghai fell. An epidemic of fear caused the world's major banks to stop lending, ending the year in protests and industrial action.
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