To understand Silva's reaction to the massive run on Reserve Primary Fund when it "broke the buck" one must understand aspects of Lehman's failure slightly over six years ago. The Bush administration, stung by criticism of its bailout of Bear Stearns, decided to let Lehman collapse under the weight of its endemic accounting frauds. The Fed and the financial community anticipated Lehman's failure. The FRBNY took the lead for the Fed in evaluating the imminence and impact of Lehman's coming failure. I testified before Congress about the indifference, ineptness, and lack of integrity of the (grossly inadequate) three-person team that the FRBNY sent to monitor Lehman's collapse. One of the most critical functions of such a team was to learn from Lehman what other entities will experience financial stress when Lehman fails because they are Lehman's creditors or counterparties.