9/11 Long Island Remembers: Saving America's banking system

When the World Trade Center collapsed on Sept. 11, the economy of New York and the world did not, largely thanks to the work of

LATTINGTOWN - When the World Trade Center collapsed on Sept. 11, the economy of New York and the world did not, largely thanks to the work of a Long Island mother of seven.

On Sept. 11, 2001, then-New York State Banking Superintendent Elizabeth McCaul was in Japan to meet with the country's finance minister. When she returned to her Tokyo hotel room, she saw the news from New York.

"So instead of preparing for bed, I opened the phone lines to New York and began doing my job - getting the banks and Wall Street open again," McCaul recalls.

McCaul set up her command post in her room and started calling U.S. financial officials to prevent a bank run in New York. She also organized the delivery of cash to the city?s ATMs with the help of the National Guard.

Then, McCaul had to clear individual bankers to come back into the city, many of them staying at work around the clock to get the system up and running again.

McCaul ended up hitching a ride home on a U.S. military cargo plane, and upon landing, headed back to the Federal Reserve, making her way down Wall Street through knee-deep piles of ash.

"That New York is in the place it is today in spite of what happened is because people care and they worked hard," she says. 9/11 Long Island Remembers

9/11 Long Island Remembers: Fighting for first responders

advertisement | advertise on News 12

Top 5 Must See

Nassau Police have arrested 17-year-old Jeustin David Maldonado 1 Police: Teen arrested in connection with fatal Uniondale shooting
A Shirley man was arrested Tuesday after a 2 Man leads police on pursuit through several Suffolk communities
3 Scholar Athlete: Allison LaMonica
Advocates are urging Gov. Andrew M. Cuomo to 4 Advocates push Cuomo for transgender protections
Instead of publicly announcing his budget as he's 5 Cuomo meets with legislators behind closed doors to discuss budget

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE