Detailed text transcripts for TV channel - CNN - 20110331:00:39:00
First of all, it was fear. they were in a full state of panic. when i came on board in december of '08 and started making suggestions, recommendations and talking to them about it, they were paralyzed with fear about what was going on and they were terrified that banks were not going to participate. the banks were going to walk away. there was this real fear of total collapse and i think that led them not to realize the real strong leverage in negotiating position they've had. i think that's part of it. second, i think it was a naive belief that banks were just going to magically do the right ...
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