Ruth Porat

I find that I... go back to lessons from the financial crisis over and over again. And during the financial crisis, just for context, I was working very closely with the U.S. Treasury and the Federal Reserve through all aspects from the housing crisis, Fannie Mae, Freddie Mac, all the way through to AIG at the back end.

I find that I... go back to lessons from the financial crisis over and over again. And during the financial crisis, just for context, I was working very closely with the U.S. Treasury and the Federal Reserve through all aspects from the housing crisis, Fannie Mae, Freddie Mac, all the way through to AIG at the back end.

It's probably one of the most meaningful times in my career, working so closely with Secretary Paulson and Ben Bernanke, chairman of the Fed, obviously at the time. And those lessons were searing. And and critically important for me.

It's probably one of the most meaningful times in my career, working so closely with Secretary Paulson and Ben Bernanke, chairman of the Fed, obviously at the time. And those lessons were searing. And and critically important for me.

It's probably one of the most meaningful times in my career, working so closely with Secretary Paulson and Ben Bernanke, chairman of the Fed, obviously at the time. And those lessons were searing. And and critically important for me.

What struck me when I got to Google is that I was asked to take people through what actually happened during the financial crisis and what lessons did I think were most relevant. And when I was first asked it, it seemed odd because Google had only lived through sunny days and I was trying to see how relevant those lessons were. And it struck me

What struck me when I got to Google is that I was asked to take people through what actually happened during the financial crisis and what lessons did I think were most relevant. And when I was first asked it, it seemed odd because Google had only lived through sunny days and I was trying to see how relevant those lessons were. And it struck me

What struck me when I got to Google is that I was asked to take people through what actually happened during the financial crisis and what lessons did I think were most relevant. And when I was first asked it, it seemed odd because Google had only lived through sunny days and I was trying to see how relevant those lessons were. And it struck me

Importantly to your question, these lessons are relevant in good times and in bad. And I keep coming back to three key messages, three key lessons. The first is that it is imperative for each of us as leaders to identify our greatest source of vulnerability early and fortify against it.

Importantly to your question, these lessons are relevant in good times and in bad. And I keep coming back to three key messages, three key lessons. The first is that it is imperative for each of us as leaders to identify our greatest source of vulnerability early and fortify against it.

Importantly to your question, these lessons are relevant in good times and in bad. And I keep coming back to three key messages, three key lessons. The first is that it is imperative for each of us as leaders to identify our greatest source of vulnerability early and fortify against it.

For a bank, one of the most important things that one needs is to have liquidity to keep your operations running. moving. It's really liquidity. When you get choked with lack of liquidity, that's what leads to the demise. And in that moment, in that fall, there was nothing a bank could do to really get that liquidity needed.

For a bank, one of the most important things that one needs is to have liquidity to keep your operations running. moving. It's really liquidity. When you get choked with lack of liquidity, that's what leads to the demise. And in that moment, in that fall, there was nothing a bank could do to really get that liquidity needed.

For a bank, one of the most important things that one needs is to have liquidity to keep your operations running. moving. It's really liquidity. When you get choked with lack of liquidity, that's what leads to the demise. And in that moment, in that fall, there was nothing a bank could do to really get that liquidity needed.

Whereas six months prior, it would have been easy to do and not very expensive to do so. The second really important lesson is something that Secretary Paulson said to me during the crisis, which is you need to have the will and the means. And too often by the time you have the will, in other words, the political will, you no longer have the means, the financial means.

Whereas six months prior, it would have been easy to do and not very expensive to do so. The second really important lesson is something that Secretary Paulson said to me during the crisis, which is you need to have the will and the means. And too often by the time you have the will, in other words, the political will, you no longer have the means, the financial means.

Whereas six months prior, it would have been easy to do and not very expensive to do so. The second really important lesson is something that Secretary Paulson said to me during the crisis, which is you need to have the will and the means. And too often by the time you have the will, in other words, the political will, you no longer have the means, the financial means.

And I think each of us can think of times as we've been leading where you delay making the tough call that you need to make. It becomes that much more expensive later and sometimes impossible to even grapple with and handle the magnitude of the issue. And the third very important one is you need to develop a team, pull together a team that brings in the requisite experience.

And I think each of us can think of times as we've been leading where you delay making the tough call that you need to make. It becomes that much more expensive later and sometimes impossible to even grapple with and handle the magnitude of the issue. And the third very important one is you need to develop a team, pull together a team that brings in the requisite experience.

And I think each of us can think of times as we've been leading where you delay making the tough call that you need to make. It becomes that much more expensive later and sometimes impossible to even grapple with and handle the magnitude of the issue. And the third very important one is you need to develop a team, pull together a team that brings in the requisite experience.