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Roger Altman was a former Assistant Secretary of the Treasury Department from 1977 – 1981. After a period of time in private life, he returned to Washington DC in 1993 to serve as the Deputy Treasury Secretary, before resigning in 1994 to found Evercore Partners, a boutique advisory and private equity investment company, and currently serves as Chairman and CEO. On Wednesday July 8th he was invited to have a conversation with Charlie Rose
What would happen if your local bank failed? A disaster right? No, not if you’re an insured depositor. Up to $250,000 per account is fully protected by law. Scott Pelley and the 60 minutes team were given extraordinary access by the FDIC (Federal Deposit Insurance Corporation) as they went in to a failed bank in Chicago and took it over.
“Banks are supposed to lend money, and when they stop -- as they have in recent months -- the workings of our entire economy are threatened. Credit became so frozen, the government had to step in this past week and take an ownership stake in the country’s biggest banks.”
On Monday Treasury Secretary Henry Paulson summoned the CEOs of the nine largest banks to Washington -- and gave them a massive amount of money so they would start lending again [....]“