As we parse through the rubble of the one-year anniversary of the demise of what used to be known as Wall Street, is it possible to isolate the canary in the coalmine—the proverbial moment above all others when the magnitude of the growing carnage in the mortgage-securities market began to reveal itself, and could have been mitigated?
That moment was not the bankruptcy of Lehman Brothers, a year ago Monday, or the $85 billion government bailout of AIG or even the shotgun marriage between a near-bankrupt Bear Stearns and JPMorganChase. Rather, a relatively innocuous meeting held fifteen months earlier—in December 2006, in a conference room on the 30th floor of Goldman Sachs—would forever change Wall Street.
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