When Buffett Was Called To Save Lehman | Crisis On Wall Street

maril has found a lifeline but Lehmann is gasping for air late Saturday night the CEOs back at the Fed agreed to cover Lehman's bad investments that clears the way for Barclays to buy the bank by the time we left on Saturday we had no reason to believe that we hadn't put forward a pretty viable solution for Lehman where Barclays would buy them and we would all be part of some protection of the assets and that's how we went home still to be worked out who will come up with the billions needed to guarantee Lehman's trades until a Barclays shareholder vote now what would anyone do is a plan B they'd call Warren Buffett Buffett is in Canada to attend a charity concert when diamond2 reaches him on his cell phone and I said how big a guarantee you talking about he said unlimited I said but that sounds a little unusual he was very thoughtful listen carefully said send me the details tell me how much you'll pay and whatever time I get back from this function I'll get back to you of course we didn't have a fax machine in the bowels of the Fed so what we did is we gathered the presentation we called back his cell phone and we left a very very detailed voice message for him he came back up to the room and there was no sax for me and I call down to the hotel manager I said must be a mistake because they're supposed to get back smart man there's nothing here do you know what happened in that voice mail a to now I didn't at the time that was in September 2008 and in July of 2009 I was coming out to Sun Valley he was driving with his daughter this daughter told him that he had a voice messages on his phone and he said I can't have a boy semester's on my phone I don't even have voice message on this phone and she said yes you do and they played it and it was us from from the Fed so message was received slightly late so do you think things would have worked out differently no it would have been an unlimited exposure that wouldn't it made sense Utley they had to figure out some way to eliminate and I really don't think the worlds were tasted [Music] you you

Channel: CNBC

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Keywords: CNBC, business news, finance stock, stock market, news channel, news station, breaking news, us news, world news, cable, cable news, finance news, money, money tips, financial news, Stock market news, stocks, warren buffett, warren buffett cnbc, warren buffett lehman brothers, crisis on wall street, cnbc crisis on wall street, cnbc lehman brothers doc, lehman brothers doc, lehman brothers, too big to fail, andrew ross sorkin

Id: r-X3txBYqxQ

Length: 2min 35sec (155 seconds)

Published: Mon Sep 10 2018