A book report on the book “In Fed We Trust: Ben Bernanke’s War on the Great Panic” by David Wessel

Title: A book report on the book “In Fed We Trust: Ben Bernanke’s War on the Great Panic” by David Wessel

Chapter one

Here Wessel explains how Bernanke, Paulson and Geithner the policy makers in Federal Reserve Bank of New York failed to stop Leman Brothers Bank from collapsing, nationalization of American largest insurance company AIG and end of marriage between Merrill Lynch to Bank of America. As the effect of 2008 summer financial crisis spread, Lehman had a pile of unpaid real estate loans. Wessel blames the Federal Reserve Bank on collapse of Lehman because it failed to broker it for sale just as the Fed had done to several investment banks such as Bear Stearns that was sold to JPMorgan Chase. During the month of September Lehman was struggling to survive even to appoint where its chief executive officer feared it could split into to. According to Wessel the effect to stop Lehman from bankruptcy failed because the policy makers in the federal bank acted late to sell Lehman as they had planed.  However the take over of the AIG Company by the state days later showed that Bernanke had adopted new plan.

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