I was the Assistant Secretary of the Treasury for International Affairs when Mexico suffered a liquidity crisis in December 1994.  Lloyd Bentsen, with whom I had focused on Mexico, had just left, and we had no Secretary.  When I was informed of their situation by my Mexican counterpart, I decided the US needed to provide financial support, which would be repaid, and said this to Larry Summers when I reported on my conversation with the Mexican Finance Ministry.  This became the $25 billion Mexican support program which we presented to the President the evening Bob Rubin was sworn in as Bentsen's successor.

By early 1997, I had made plans to leave the Treasury (I had been promoted to Undersecretary in the interim) but wanted to hold off leaving until the last of the money from Mexico had been repaid.  I was invited by Bob Rubin to join him with the President when President Zedillo was scheduled to call and report that the last of the borrowed funds was being repaid. While we waited for the call in the Oval Office, Rubin told the President that I had submitted my resignation effective the next day.  The President looked at me and asked what I was going to do next.  I said that I was joining Salomon Brothers.  He smiled and said "Oh, you're going to make some money,"  then put out his hand to shake mine.  That was the moment that the photographer caught.