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Title | : | Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves |
Author | : | Andrew Ross Sorkin |
Book Format | : | Hardcover |
Book Edition | : | Special Edition |
Pages | : | Pages: 600 pages |
Published | : | October 20th 2009 by Viking |
Categories | : | Nonfiction. Business. Economics. Finance. History. Politics. Buisness |
Andrew Ross Sorkin
Hardcover | Pages: 600 pages Rating: 4.13 | 33918 Users | 1331 Reviews
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Andrew Ross Sorkin delivers the first true behind-the-scenes, moment-by-moment account of how the greatest financial crisis since the Great Depression developed into a global tsunami. From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy.“We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience.
Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.
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Original Title: | Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis - and Lost |
ISBN: | 0670021253 (ISBN13: 9780670021253) |
Edition Language: | English |
Literary Awards: | Financial Times and McKinsey Business Book of the Year Nominee for Shortlist (2010), Spear's Book Award for Financial Book of the Year (2010), Samuel Johnson Prize for Non-Fiction Nominee (2010) |
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Ratings: 4.13 From 33918 Users | 1331 ReviewsColumn Of Books Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves
This book made me mighty mad, not only at the despicable characters portrayed in it, but at the author for his adoring, fawning approach to them. More than once I slammed the book down, only to force myself back to it a week or two later. And for that persistence I was rewarded---ever so slightly---by Sorkin daring to approximate analysis in an afterword. To judge by this book, Sorkin never met a Wall Street bigshot he didnt worship. But worse, his journalistic style is so overloaded withFinished -- I imagine this book would be a tough read, since it's pages literally crawl with minor characters -- bankers, minions of the armies of the night... but it makes a good listen -- Paulson comes off much better than Bernanke or Geithner -- and the author tries (against Taibi) to rehabilitate Goldman. He makes the case, persuasively, imo -- against the Vampire-Squid conspiracists -- that the media really didn't and doesn't understand how close Goldman itself came to failing (-- so much
The strength of Sorkins book, which covers the period right after the fall of Bear Stearns (March 2008), up to the TARP infusions of capital (October 2008), is that he synthesized masses of detailed information and assembled it into a chronological story, using multiple firsthand accounts, contemporaneous journalistic sources, and public records. You can imagine him flipping through his enormous Rolodex (an inapt 80s allusion, but I like the image), calling every Wall Streeter hes ever spoken to
"The only problem with capitalism is all the capitalists.Herbert Hoover Theres a school of thought out there that many, if not most, people buy into. It goes something like this: The U.S. government is full of a bunch of stupid bureaucrats who do nothing but pass restrictive laws that keep businesses from making money and prevent the growth of the economy. Obviously, the businesses should be allowed to do their thing with no government interference because they know whats best, and if they
A play-by-play of the days leading up to and shortly after the financial crisis, centered largely around the bankruptcy of Lehman Brothers and climaxing with the TARP program. Unlike Michael Lewis, who drew a fascinating and engaging story out of the short-sellers who made a bundle when the building fell down, Sorkin tries to tell "the" story of the crisis in a narrative form. I'm not sure I'm on board with that, considering how close he sets the point-of-view, but it's become a common practice
Never did I ever expect to fall so deeply enthralled with the inner lives of CEO's, Federal Reserve Chairmen and government officials. What I love most is that Sorkin writes so candidly that you find yourself lost in the turn of events yourself. By the end of the book I was pulling for people to whom I never thought I would give sympathy, and rooting against people I originally thought I liked. Definitely worth the read, even if you have no interest in the subprime mortgage crisis.
I read this book to fill a slot in a challenge. It's not my usual kinda thing. It has a lot of information about the financial crisis of 2008. While it's informative, you almost need a degree in finance to follow it some of the time, or that's what it seemed like to me. I definitely learned a lot more about those events. I also learned that, from what I could tell, some, if not most, of what happened could have been prevented. It was a combination of greedy/stupid choices on the part of the
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