U.S. Treasury Secretary Timothy Geithner was in the thick of the financial crisis as head of the Federal Reserve Bank of New York last year when Lehman Brothers collapsed. Mr. Geithner said the crisis had been building for more than a year before Lehman filed for bankruptcy. "Anyone who had built close to the fault line of this earthquake was very exposed," he said. Mr. Geithner described his directive and how New York Fed officials handled the situation.

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