More on the emergency Fed and Wall Street meeting ...



From the SEC:

Senior representatives of major financial institutions are meeting at the Federal Reserve Bank of New York Friday evening to discuss recent market conditions. Also participating in the meeting are Treasury Secretary Henry M. Paulson, Jr., U.S. Securities and Exchange Commission Chairman Christopher Cox, and Federal Reserve Bank of New York President Timothy F. Geithner.

Timothy F. Geithner, the president of the New York Federal Reserve, called a 6 p.m. meeting so that bank officials could review their financial exposures to Lehman Brothers and work out contingency plans over the possibility that the government would need to orchestrate an orderly liquidation of the firm on Monday ...

emphasis added



Mr. Geithner told the participants that an industry solution was needed, no matter what, and that it was not about any individual bank ... They said he told them that if the industry failed to solve the problem their individual banks might be next.

From Jenny Anderson, Edmund L. Andrews, Vikas Bajaj and Eric Dash at the NY Times: U.S. Gives Banks Urgent Warning to Solve Crisis Pretty strong stuff for a Friday night.