May 23, 2011
This depiction of the 2008 financial crisis begins as Bear Stearns just barely escapes collapse. Since Lehman Brothers faces the same fate, Hank Paulson gets together with Lehman CEO, Dick Fuld, along with Ben Bernanke. As Fannie and Freddie may also face collapse, Lehman discusses merging with Bank of America (BOA). Merrill Lynch and BOA merge instead. Barclay's regulator will not approve the Lehman and Barclays deal. As a result, Lehman Brothers goes bankrupt. Subsequently, it is expected that the remaining big banks will also collapse. Even though the proposed mergers do not work, the banks may still convert to holding companies and gain access to government funding. After Congress first rejects the bailout deal, it is finally approved as the only option to keep a world-wide financial collapse from occurring.