Financial crisis

Posted on 11 Jun 2021
Share Blog Post
There was a really interesting article by Timothy Geithner in the Sunday Times last weekend say Harris & Co accountants Northampton. Geithner was the Head of the Federal Reserve Bank of New York in early 2009. He was working closely with President Obama to resolve the financial crises at Bear Stears, AIG, Bank of America and Lehman Brothers. He managed to sort out the first three but Lehman Brothers proved particularly difficult.
 
According to Geithner, he had lined up Barclays to take over Lehman Brothers and avoid a melt down of the financial system. Apparently on the Labor Day weekend in 2009, Lehman Brothers was down to its last $2b at the close of business on the Friday. Early on the Sunday morning, Geithner claims that Callum McCarthy of the FSA told him that the British regulators would not approve the deal. On Monday morning Lehman Brothers collapsed, taking the financial system with it.
 
So the entire financial crisis was our fault according to the Americans………….
 

View more blog posts

NIC hammer blow
Posted on 23 Jun 2025
NIC hammer blow
read more
Youth mobility scheme
Posted on 21 May 2025
Youth mobility scheme
read more
Businesses unaware of MTD
Posted on 14 May 2025
Businesses unaware of MTD
read more
Two tier tax system introduced
Posted on 07 May 2025
Two tier tax system introduced
read more
Back To Top
01604 660661