Rodge Cohen Discusses the Financial Crisis From The Inside

October 14, 2013

In the article, “The 2008 Financial Crisis: Through the Eyes of Some Major Players,” published by The Globe and Mail, Mr. Cohen, along with others closest to the action such as Canadian corporate heads and policy makers, reflect back on this time of uncertainty and panic and recount how they felt throughout the financial crisis. When asked about the September 2008 Lehman bankruptcy, Mr. Cohen recalls the moment when Henry Paulsen, Tim Geithner and Christopher Cox notified him and the president of Lehman that the only option for the bank was a declaration of bankruptcy. Mr. Cohen relayed the details of this turning point in the crisis, “They said at the highest level, the British government did not want the disease of Lehman to spread across the Atlantic to the U.K. And I said, 'The fastest way to get it to the U.K. is to let Lehman fail.'” Others who shared their experiences included Gordon Nixon, CEO of Royal Bank of Canada and Jim Flaherty, Canadian Finance Minister.