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Key players in the U.S. financial system were acutely aware that Lehman Brothers was "hemorrhaging money" and convened a series of emergency meetings led by Treasury Secretary Hank Paulson. The ominous atmosphere and soaring stakes led some within the meetings to suggest that a situation reminiscent of "Armageddon" was on the horizon.
The Weekend of Decision
As the financial community held its breath, a fateful weekend unfolded involving emergency meetings and intense negotiations. Lehman’s rivals, including Bank of America and Barclays, were approached for potential bailouts, but as the weekend progressed, it became evident that these options were dwindling. Without government support, the sentiment from Washington seemed to be that Lehman Brothers would have to stand on its own.