Sunday, March 19, 2017 0 comments ++[ CLICK TO COMMENT ]++

Sunday Spectacle CCXVIII


2008 Redux:
Mitsubishi UFJ's $9 Billion Cheque to
Save Morgan Stanley

From Andrew Ross Sorkin:
As detailed in Too Big to Fail: How Wall Street and Washington Fought to Save the Financial System — and Themselves, Morgan Stanley received a $9 billion investment from Mitsubishi UFJ in the fall of 2008 that kept the firm from collapsing. The payment was supposed to be wired electronically, but because it needed to be made on an emergency basis on a holiday, Mitsubishi cut a physical check, perhaps the largest ever written. Below is a copy of the $9,000,000,000.00 check.  




Great book by the way--Too Big to Fail. One of the best ones on the Financial Crisis. There is a lot of whitewashing--particularly Henry Paulson's actions during the crisis; and the whole George Bush administration, Ben Bernanke and some of the incompetent bank executives' actions before the crisis--but all the inside details makes up for the book's shortcomings.

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