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

Beattie, playing hardball, had effectively implied a threat that AIG might be better off filing for Chapter 11 bankruptcy than taking the government’s deal. Geithner didn’t flinch. “This is the only proposal you’re going to get,” he tersely replied, and then added, “There’s one other condition. . . .” Paulson, interrupting, said, “The condition is that we’re going to replace you, Bob.” Beattie and Cohen looked at Willumstad in embarrassed silence. “O . . . kay,” Willumstad said. “If that’s what you want.” “We’re going to bring in a new CEO,” Paulson said matter-of-factly. “He’ll be showing up tomorrow.”