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A batch of the best highlights from what roger's read, .
Figure out what you do, then do it. And do it better than anyone else. And then let everything else you do build around that; stay with what you know. Being great at one thing doesn’t mean you can also run a restaurant or a car dealership or a line of sportswear. Bill Gates is not going to launch a line of sportswear. Most likely, neither should you.
The cross-disciplinary brilliance whirls across every page, providing a delightful display of a mind dancing with nature. His notebooks are the greatest record of curiosity ever created, a wondrous guide to the person whom the eminent art historian Kenneth Clark called “the most relentlessly curious man in history.”6
Leonardo Da Vinci
Walter Isaacson
One by one, the investors’ interest withdrew—there were simply too many toxic loans on WaMu’s books and too much uncertainty about the scope of the losses. Chase and Citi were the last two to remain in, but when Lehman Brothers filed for bankruptcy on September 15, market conditions worsened significantly and WaMu experienced another $10 billion in deposit withdrawals. It was unlikely that WaMu would survive unless it started borrowing from the Federal Reserve Board’s discount window. However, Fed lending—like FHLB lending—is heavily collateralized, meaning that the more a bank borrows from those sources, the more expensive it becomes for the FDIC to resolve. For that reason, the law prohibits the Fed from lending to a failing institution, and as a matter of courtesy, the Fed typically consults with us before lending to a troubled bank and does so only with our consent. As WaMu continued to hemorrhage deposits, David Bonderman reached out to Fed Governor Kevin Warsh for help. Kevin referred the call to Don Kohn, who had been our primary contact on the WaMu situation. Don and I held a conference call with Bonderman on Saturday, September 20, and I was shocked at the combative way Bonderman pressed Don for access to Fed lending. Don held firm. We told Bonderman that he needed to continue with efforts to sell or recapitalize the bank.
Bull by the Horns
Sheila Bair
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