A Quote by Andrew Ross Sorkin
No one suggested Lehman deserved to be saved. But the argument has been made that the crisis might have been less severe if it had been saved, because Lehman's failure created remarkable uncertainty in the market as investors became confused about the role of the government and whether it was picking winners and losers.
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If Lehman Brothers had been a bit more Lehman Sisters ... we would not have had the degree of tragedy that we had as a result of what happened.
In truth, in the fairy-tale version of bailing out Lehman, the next domino, A.I.G., would have fallen even harder. If the politics of bailing out Lehman were bad, the politics of bailing out A.I.G. would have been worse. And the systemic risk that a failure of A.I.G. posed was orders of magnitude greater than Lehman's collapse.
The federal government has been a proven failure in picking winners and losers in the energy sector.
The blowback against a bailout of Lehman would have been fierce. It is often forgotten, but the prevailing wisdom the day after Lehman fell was that its collapse was a good thing.
Whoever prays is certainly saved. He who does not is certainly damned. All the blessed have been saved by prayer. All the damned have been lost through not praying. If they had prayed they would not have been lost. And this is, and will be their greatest torment in hell: to think how easily they might have been saved, just by asking God for His grace, but that now it is too late - their time of prayer is gone.
When I left my job at Lehman Brothers to start a company, my best friend's mother said, 'How could you leave a sure thing like Lehman to do a silly carpool startup?' That was three months before Lehman went bankrupt.
If I was to ask you tonight if you were saved? Do you say 'Yes, I am saved'. When? 'Oh so and so preached, I got baptized and...' Are you saved? What are you saved from, hell? Are you saved from bitterness? Are you saved from lust? Are you saved from cheating? Are you saved from lying? Are you saved from bad manners? Are you saved from rebellion against your parents? Come on, what are you saved from?
For a long time, rich countries have promised to reduce poverty but have failed to match their words with adequate action. Of course, some important progress has been made and millions of lives have been saved, but millions more could be saved.
The silver lining of Brexit and Trump is that it has undermined the perception that globalization is an unstoppable force, whether or not we think it is a good thing or a bad thing. There have always been losers and as well as winners in this process, and cultural minorities have been among the most vulnerable losers. Now that sizable numbers of people in the most advanced economies have made their grievances felt in a fashion that is hard to ignore.
I mean there is no capital requirements to it or anything of the sort. And basically, I said there were possibly financial weapons of mass destruction, and they had them. They destroyed AIG. They certainly contributed to the destruction of Bear Sterns and Lehman. Although Lehman had other problems, too.
We have to get government out of the job of picking winners and losers. That's what they've been doing the last year and a half, getting in the way of businesses that are trying to reinvest to get our economy back on its feet.
Government Picking Winners and Losers = Corruption. When government tries to pick winners and losers, the inevitable consequence is corruption. Yes, corruption. If not in a legal sense, certainly in a moral sense
I want to tell you about a woman I have been married to for ten years, my wife, Ann, who speaking truthfully, saved me from myself. Who saved me from destroying myself because of my background. Who saved me from wasting my life, drinking my life away, never fulfilling my dreams because of what I had come from, and truly believing and loving - truly the first person to ever truthfully, unconditionally love me.
I often say to entrepreneurs, 'If Lehman Brothers were Lehman Brothers & Sisters, it wouldn't have gone into bankruptcy.'
The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary.
I was raised in an evangelical Methodist church. Evangelical meant that though you had been baptized and made a member of the church on Sunday morning, you still had to be 'saved' on Sunday night. I wanted to be saved, but I did not think you should fake it.
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