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1、TOOBIGTOFAILAndrewSorkinPROLOGUEStandinginthekitchenofhisParkAvenueapartment,JamieDimonpouredhimselfacupofcoffee,hopingitmighteasehisheadache.Hewasrecoveringfromaslighthangover,buthisheadreallyhurtforadifferentreason:Heknewtoomuch.Itwasjustpast7:00a.m.onthemorningofSaturday,September13
2、,2008.Dimon,thechiefexecutiveofJPMorganChase,thenation’sthird-largestbank,hadspentpartoftheprioreveningatanemergency,all-hands-on-deckmeetingattheFederalReserveBankofNewYorkwithadozenofhisrivalWallStreetCEOs.TheirassignmentwastocomeupwithaplantosaveLehmanBrothers,thenation’sfourth-larg
3、estinvestmentbank—orriskthecollateraldamagethatmightensueinthemarkets.ToDimonitwasaterrifyingpredicamentthatcausedhismindtospinasherushedhomeafterward.Hewasalreadymorethantwohourslateforadinnerpartythathiswife,Judy,washosting.Hewasembarrassedbyhisdelaybecausethedinnerwasfortheparentsof
4、theirdaughter’sboyfriend,whomhewasmeetingforthefirsttime.“Honestly,I’mneverthislate,”heoffered,hopingtoelicitsomesympathy.Tryingtoavoidsayingmorethanheshould,stillhedroppedsomehintsaboutwhathadhappenedatthemeeting.“Youknow,Iamnotlyingabouthowseriousthissituationis,”Dimontoldhisslightly
5、alarmedguestsashemixedhimselfamartini.“You’regoingtoreadaboutittomorrowinthepapers.”Ashepromised,Saturday’spapersprominentlyfeaturedthedramaticnewstowhichhehadalluded.Leaningagainstthekitchencounter,DimonopenedtheWallStreetJournalandreadtheheadlineofitsleadstory:“LehmanRacesClock;Crisi
6、sSpreads.”DimonknewthatLehmanBrothersmightnotmakeitthroughtheweekend.JPMorganhadexamineditsbooksearlierthatweekasapotentiallenderandhadbeenunimpressed.Healsohaddecidedtorequestsomeextracollateralfromthefirmoutoffearitmightfall.Inthenexttwenty-fourhours,Dimonknew,Lehmanwouldeitherberesc
7、uedorruined.Knowingwhathedid,however,DimonwasconcernedaboutmorethanjustLehmanBrothers.HewasawarethatMerrillLynch,anothericonofWallStreet,wasintrouble,too,andhehadjustaskedhisstafftomakesureJPMorganhadenoughcollateralfromthatfirmaswell.Andhewasalsoacutelyawareofnewdangersdevelopingatt