Crisis On Wall Street: The Week That Shook The World (Part 1)

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

[narahs]

that YT algorithm really putting the idea of a crash out there

[noirto]

"this is a pain that will stay with me for the rest of my life" He forgot to add while I lounge around million dollar mansion, eating well and in good health. All because the other thousand of people that lost everything sleep in the street and dying of bad health.

[Creed_Bratton]

Reddit, 2021: allows us to introduce ourselves

[mintybadger]

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.

[jeffc]

Yet in 2019 every day people who make $40k a year buy $40, 000 cars with a $500 a month car payment lol

[innocentrage]

"It's not that they didn't know, they just didn't care." -The big short movie. We get our payback now. I will hold my shares untill they bleed out and die

[scottyh]

Lehman originated, manufactured, and sold a TON of terrible assets. The regulators and credit rating agencies went along with it and the fees kept rolling in. Lehman started to really believe their own sales pitch, they really thought there was value in the garbage they were selling. Every investment bank in the US was doing the same thing, giving each other confidence that what they were doing was fine. Greed + crowd behavior always ends badly.

[sreekarpradyumna]

I remember this affecting India so bad and us having a major recession. No one could afford recreational activities anymore. So, watching a movie in the theatre would cost less than a dollar. This was amazing for me as a 9th grader. :P We watched movies in empty theatres every other day.

[aes]

10 year Anniversary. Lets celebrate it again

[Barmaglot]

“Margin Call” movie shows the situation very well

The only mistake from the point of view of Lehman Bros was to loose the “musical chairs” game - they were too late to react when other criminals in investment banking started dropping their toxic “assets”

So many of these folks should have gotten to jail... instead they got massive bonuses from bailouts paid with our money, and after getting those bonuses they spent $$$ on lobbying and killing any meaningful banking/financial reform

We all got owned

[CultWhatever]

Congratulations to all you investors that pulled out at the first sign of COVID

[eoinleen]

"Rip out their heart and eat it, before they die". If this level of aggression is your default setting then making cool, level headed decisions is not going to be easy. I suspect this guy was the wrong leader for a crisis.

[Theextremepessimist]

It’s fixing to happen again. Nothing has changed the way they do anything.

[zaheerkader]

They should have been locked up.. Not given a bail out!

[dr_IkjyotSinghKohli]

And the U.S. Government and its citizens never again engaged in mass deregulations to avoid all such future crises. They fully learned their lesson.

[brianoleson]

chills... were going back into this territory right now in the early stages spring 2022

[jason]

Bailouts left and right. Loans to banks for a few pennies for every thousand dollars. Where can I get that kind of a loan.

[stephaniecooper]

Where's part 2 I really want to watch the rest of this put it up

[EvangelistRBColbert]

Bought my house in Seattle in 2006. Two years before the great recession!! My condo went from being worth $300K to $123K within months during the recession. I was unemployed for 2 years, before relocating to another state.

[harbimidiyosunkanka]

My dad is originally a CPA/insurance broker/financial audit expert but when this happened back in the day, he was a horse and carriage driver in Manhattan & he would sometimes come home with $800-1000 from his shift, sometimes even more. But overall, he would make about $9, 000-12, 000 per month
Our rent was $950, water was free, we cooked at home and had no debt. I was a clueless kid and had no idea that this was happening.