Lessons Learned: Phillip Swagel

Phillip Swagel was Assistant Secretary for Economic Policy at the U.S. Treasury between 2006 and 2009. During this time, he advised Treasury Secretary Hank Paulson as his chief economist, served as a member of the TARP Investment Committee, and played an important part in the conservatorship of Fannie Mae and Freddie Mac. This “Lessons Learned” is based on a phone interview with Mr. Swagel

Lessons Learned: Robert Hoyt, Esq.

Robert Hoyt was General Counsel at the U.S. Department of Treasury between 2006 and 2009. He oversaw legal aspects of policies implemented to manage the crisis, including the rescues of Bear Stearns, AIG, and the U.S. Auto industry, the conservatorship of Fannie Mae and Freddie Mac, and the failure of Lehman Brothers, as well as the creation and implementation of the Troubled Asset Relief Program (TARP.) This Lessons Learned is based on a phone interview with Mr. Hoyt

Lessons Learned: Timothy Massad

Timothy Massad was assistant secretary for financial stability at the US Department of the Treasury between 2009 and 2014. He oversaw the $700 billion Troubled Assets Relief Program (TARP), which was passed by Congress in October 2008 to enable the Treasury to buy assets of and invest in banks and companies to stem the financial crisis. Massad was involved in the implementation of TARP as well as its winding down; it ultimately invested$439 billion. This “Lessons Learned” is based on a phone interview with Mr. Massad

Lessons Learned: Kenneth Feinberg

Kenneth Feinberg was special master for Troubled Assets Relief Program (TARP) executive compensation at the US Department of the Treasury during the Global Financial Crisis (GFC). He was tasked with overseeing the revision of executive payments at companies that received exceptional assistance from the government during the crisis. For four decades, Feinberg has managed victim compensations for major catastrophes, including mediating resolution of Agent Orange claims and serving as special master of the September 11th Victim Compensation Fund; recently, he was hired by the Justice Department to oversee the $500 million 737 Max Victims Fund allocated for the families of those killed in the two crashes involving Boeing 737s. This Lessons Learned is based on an interview held with Feinberg on March 11, 2021

Lessons Learned: Edwin (Ted) Truman

Insights on fighting financial crises from Ted Truman, an expert in responding to the international dimensions of financial crises. Topics include the initial US response to the Global Financial Crisis of 2008-2009 and the utiltiy of issuing Special Drawing Rights (SDR)

Lessons Learned: Mike Leahy

Mike Leahy was associate director at the Federal Reserve Board’s Division of International Finance between 2008 and 2010. He was instrumental in establishing swap lines with foreign central banks and reviewed and reported on excess reserve balances and required interest payments to depository institutions. This Lessons Learned is based on a phone interview with Leahy on October 22, 2020