Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

by Andrew Ross Sorkin

Geithner called. In his usual impatient tone, he insisted that Blankfein immediately call Vikram Pandit, Citigroup’s CEO, and begin merger discussions. Blankfein, slightly shocked at the directness of the request, agreed to place the call. “Well, I guess you know why I’m calling,” Blankfein said when he reached Pandit a few minutes later. “No, I don’t,” Pandit replied, with genuine puzzlement. There was an awkward pause on the phone. Blankfein had assumed that the Fed had prearranged the call. “Well, I’m calling you because at least some people in the world might be thinking that combining our firms would be a good idea,” he said. After another few moments of uncomfortable silence Pandit finally replied, “I want you to know I’m flattered by this call.”