A year ago this weekend, the U.S. financial system was teetering on the brink of collapse. As we approach the anniversary of Lehman Brothers' bankruptcy and Bank of America's acquisition of Merrill Lynch, we take a look back at the Emergency Economic Stabilization Act of 2008: the $700 billion federal effort to bail out the U.S. banking system. We speak with Elizabeth Warren, Harvard Law School professor and the chairwoman of the Congressional Oversight Panel monitoring the bailout. (Read the full interview transcript, or check out all the stories in this series.)
"He was not only not right, he wasn't right at the moment he said it, and he knew he wasn't right."
—Elizabeth Warren, chair of the Congressional Oversight Panel, on former Treasury Secretary Hank Paulson's assertion that there "[was] no reason to believe this [bailout] program will cost taxpayers anything"