Chapter 2: From Hubris to Nemesis: January to September 2008
Chapter 3: The Fateful Weekend
‘FRBNY financial commitment (this section to be overhauled by Dudley, Schetzel)
— we should have in mind a maximum number of how much we are willing to finance before the meeting starts, but not divulge our willingness to do so to the consortium.
Term of any liquidity support should be long enough to guard against a fire sale but on a short enough fuse to encourage buyers of Lehman assets to come forward.
— referable to style FRBNY commitment as much as possible as a backstop rather than lending.’
Referenced in the Examiner's Report, FRBNY to Exam 003516, 10 Sept 2008.