Too Big to Fail
chronicles the 2008 financial meltdown, focusing on the actions of Secretary of
the Treasury Henry Paulson (William Hurt) to contain the problems during the
period of August 2008 to October 3, 2008. Dick Fuld (James Woods), CEO of
Lehman Brothers, is seeking external investment, but investors are wary as
Lehman is seriously exposed to toxic housing assets and the Treasury is
ideologically opposed to offering any sort of bailout as they did for Bear
Stearns. Paulson attempts to arrange a private solution to the Lehman problem,
and both Bank of America and Barclays express interest in Lehman's
"good" assets. Bank of America pulls back from the deal and instead
chooses to purchase Merrill Lynch. Barclays is prepared to accept the terms of
the merger, but British banking regulators refuse to approve the deal. Paulson
directs Fuld to declare bankruptcy before the market opens.
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