, 19 tweets, 7 min read Read on Twitter
Fed intervenes, but …

#tenyearsago by @johnauthers
Northern Rock

#tenyearsago
More Northern Rock …
ABN Amro

#tenyearsago
RBS: “Fred, you’re such a brilliant CEO”

#tenyearsago
S&P peaks at 1565, October 2007
First to be fired

Severance package worth $161.5 million on top of the $91.4 million in total compensation in 2006.
“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance.”

And then the music stopped
How Chuck Prince became CEO?
Structured Investment Vehicles (SIVs)

#tenyearsago
A FT journalist was making a name for herself
Super SIV

Citigroup, Bank of America and JPMorgan agree on a $75bn mortgage debt fund championed by Treasury Secretary Hank Paulson on October 2007
HSBC absorbes its SIV assets, November 2007
Citi follows suit
Super SIV is abandoned, December 2007
Bank of America buys Countrywide for $4 billion … a VERY expensive bargain

#tenyearsago
2007: the crisis begins

#tenyearsago
February 2008: all quiet before the storm
Meanwhile, in the real world, the housing bubble had picked a year and a half ago and was deflating, fast

#tenyearsago
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