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He has been very resistant" to capital injection,

I jokingly apologized for causing him so much trouble. He laughed and said that he wished we could have waited a week.

Still, given the circumstances and our rapidly shrinking options, it seemed the best solution.

our purchases would prove highly profitable for taxpayers.

Whether Wells would return to the negotiations, and if so on what terms, was unclear.

At FOMC meeting breaks he would inhale doughnuts, but nevertheless remained slim.)

But Citi had problems of its own and wanted the FDIC to limit the losses it might inherit from Wachovia.

presidents were particularly alarmed at the prospect of losing bank supervision duties

I also pressed the issue at congressional hearings.

I agree that more should have been done to help homeowners, although devising effective policies to do that was more difficult than many appreciate.

In fact, despite my understated style, I was as aggressive on this issue as on any during my time in Washington.

With Don's and my arrival, the Board was at full strength, with all seven seats filled.

JPMorgan was unwilling on its own to stand behind it.

something that I had been advocating since I arrived at the Fed in 2002. In

I found him to be smart and very tough. (His heavy New York accent contributed to that impression.)

Tim's departure would be a significant loss to the Fed.

and stood ready to serve as a lender of last resort if needed.

had been a principal reason behind Citi's pursuit of Wachovia.

which she feared would do more harm than good.

But he would remain in close touch with us in his new capacity as adviser to the president-elect.

With Bear's securities as collateral, JPMorgan would then lend the Fed's cash to Bear.

Her instincts were too populist for us to see eye to eye on policy, however,

letting Citi go was not an option.

1948). The formal ceremony was legally redundant, but it was a nice event for our relatives and for the staff.