my name is dick fuld the chairman and chief executive officer of lehman brothers are pleased that you're considering a career that goes from very. dick fuld was a very strong leader if you take a large investment banks there are anywhere between twenty five to you know hundred thousand employees we will find employees in these large institutions who would not nor the name of the c.e.o. . and be fair to say that every employee of lehman bros knew the c.e.o. or us and that you know he was a very passionate you know leader about the farmer and about its franchise about its team. began his colorful career at lehman brothers in one thousand nine hundred sixty nine on its trading floor but the feisty character quickly rose through the ranks and became the firm's chief executive in one nine hundred ninety three. by two thousand and five he was taking home more than thirty four million u.s. dollars in pay and bonuses and this man lived and breathed lehman brothers. most ninety five percent of his world was in lehman stock sure people have faith in his leadership whatever he was doing for the fir

get away with it but he did got itself into the position that it was just to expose then why did dick fuld continue to gamble have lehman's earliest success blind its leaders from seeing the possibility of failure they thought the right foods to get even more money in govt and because we will make absolutely shoojit much money if we're right the problem was there will. cost everything. in the email just three months later on gravelled repercussions of lehman's grave mistakes. on ten september two thousand and eight dick fuld released a press statement that read this is an extraordinary time for our industry and one of the toughest periods in the firm's his straight all streets oldest investment bank reported a staggering loss of almost four billion u.s. dollars that day. the lehman brothers it was only going wrong i think the first thought of the public a preview of what's going to be we're going to be part of a bigger back and you know what i'm used to culture if you buy this is new mothers was fiercely independent as a farmer i think it was a sobering reality facing us you know staring a

roger cohen will join us at k 6:30 the lawyer, if you will between going between dick fuld, lloyd blankfelankfein. then we will talk to former senator chris dodd he will talk about the banking regulations that bear his name i'll also be joined by mick mulvaney, acting director of the bureau of consumer protection. lots of questions for him. it's all leading up to tonight's premiere "cry visisis on wall s: the week that shook the world. that airs at 10:00 p.m on "squawk on the street" we will have a live interview with the three key players in the midst of the crisis, hank paulson, ben bernanke, and tim geithner a big day ahead. >> you're so steeped in this, in everything that happened were there with the tick tock all the way along. anything you heard ten years later from any of these people that you went back and talked to that surprised you or caught you off guard? >> you know, i think actually -- i don't know if this is a popular thing to say or not, there has been a lot of introspection over the last ten years about the mistakes made about where they could have done better there was o

trish: dick fuld? >> dick fuld wasn't in the room. trish: okay. >> it was 12 of us.nks, myself and deutch. we were around the circle. then paulson walks in, who was treasury secretary and chris cox was head of the sec and geithner, tim geithner was head of the new york fed. the first thing paulson said was, there will be no government bailout. i think everyone had a little shock. trish: right. because government bailed out bear. >> sunday night to make a decision. we were there for -- trish: what do i make make a decision? make a decision -- >> how to keep lehman alive or not. trish: so they wanted you guys to basically pitch in and -- >> literally what happened. we did get creative. we ended up, there is a few things -- trish: wasn't merrill going to buy it at one point? >> what ended up happening, not merrill, b-of-a bought merrill. merrill had no money either at time. merrill was bought for 50 billion, when made 100 billion all year. that was -- in the room for merrill at the time. the truth is, a lot of us are supportive of dodd-frank. we like it better when it w

the idea of a bailout was unpopular, and dick fuld was unpopular. dislike of one individual, i'm not sure is a fair assessment. i know it made the rounds and continues to make the rounds for the past decade. >> do you think it was more the distaste over bear stearns -- if lehman brothers was first, maybe the outcome for lehman would have been different? >> absolutely. people talk about financial crisis as a series of dominos, but ed lazier talks about it in terms of popcorn you could have taken one of those kernels off that hot skillet and saved lehman brothers, but others were about to pop then there are political questions about had lehman brothers not failed whether there would have been the political will to save everybody else, and the tools granted to the government so it's interesting. the counter factual becomes -- you think had monday morning lehman brothers been saved, what would have happened next, that's an interesting story to tell >> that could be an interesting sideways story at some point down the line. what would have happened if le

. >> because dick fuld was difficult?r because it was trying to make sure that other people knew that things could fail? >> i think it was political in a sense of propping up lehman would have been enormously unpopular. and in that sense a political decision i don't really think it had to do with dick fuld, personally. and i don't think it had to do with the authority of the fed. in a strange way even though i thought it was a mistake maybe something like this had to happen for the american people to accept that more extraordinary measures really were necessary. >> so chris, spin this story forward. you have a better pulse of it than anybody when it comes to financial services these days. when you think about the next crisis and invariably i imagine there will be a crisis of some sort, what does it look like >> of course it's going to be different. it's not going to be like this it's going to come from unexpected quarters. i think the skm is much safer now and i think we're a long ways -- maybe not a long ways from anothe

. >> dick fuld was not at that meeting. -- paulson explaining why he wasn't at that meeting? >> he said could we do something to bail them out and had we had another week, it's possible we could have done it >> the financial crisis left a path of destruction through the banking sector wilf frost is here he's got a look at the banks both then and now. good morning >> good morning to you guys as well so the total number of banks in the u.s. has shrunk from 8,500 to 5,500 in the last decade. but the biggest banks have been resilient. those with the market cap over $100 billion have only gone from five to four in number and their total market cap has risen jpmorgan's more than doubling. the same is not true outside of the u.s. there were 13 banks outside of the u.s. over $100 billion in market cap in 2007 there are now eight. and the total market cap has fallen from $1.8 trillion. to $1.3 trillion but china's resilience and canada's growth hide europe's plight there were eight banks over $100 billion in 2007. today only one rem