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Oonagh McDonald

. Again on Friday 12 September Paulson had spoken to Alistair Darling, then UK Chancellor of the Exchequer, and he had advised that the US Treasury was considering two prospective buyers but that it was unclear whether any transaction could be structured without external support. In response, Darling had advised Paulson that no transaction with Barclays would be possible if the level of risk for Barclays was inappropriate. This was the same cautious message as the one both Sants and McCarthy had given to Geithner. Paulson observes that at that time he did not understand

in Lehman Brothers