# Professor William Silber's book, "When Washington Shut Down Wall Street," is referenced in a letter to the editor

1 Faculty News May 31, 2018 ![Wall Street Journal logo](/sites/default/files/styles/246w/public/assets/images/wsjlogo.jpg?itok=5Qt0z3WX)>

Excerpt from [The Wall Street Journal](https://www.wsj.com/articles/too-big-to-fail-started-in-new-york-in-1914-1527786840) -- "As documented by NYU Prof. [William Silber](http://www.stern.nyu.edu/faculty/bio/william-silber), Treasury Secretary William Gibbs McAdoo (later Woodrow Wilson’s son-in-law) permitted major New York banks to count New York City securities as reserve collateral to underwrite an emergency note issuance to plug the New York City funding gap."

[Read more](https://www.wsj.com/articles/too-big-to-fail-started-in-new-york-in-1914-1527786840)