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Incredible how detailed this insight into those behind the financial crisis is! Takes some time to read to really process all the moving pieces but honestly the arrogance of white men never fails to surprise
At one point in this book, soon after the U.S. Treasury refuses to fund a bailout of Lehman Brothers, one of the surprisingly interchangeable cast of characters at the center of the shitshow likens the whole thing to "a bad Woody Allen movie."
I think that says it all.
I think that says it all.
challenging
informative
reflective
tense
slow-paced
Lets understand why things were done the way they were done when they were done. Also makes you realized that they are not smarter than the average.
Got two thirds of the way through it. While the storytelling is compelling, I couldn't bring myself to care. I might come back to this one in time, but I just found it fatiguing.
Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves (TBTF) by Andrew Ross Sorkin is an account of the Wall Street crisis of 2007-2008. The hefty tome weighs in at 624 pages, but reads like a financial thriller. Despite its weight, I could not put this book down.
I have read many books about the crisis, but TBTF is the most comprehensive. As a writer, I am in awe of Sorkin's undertaking the amount of work involved in researching, interviewing, and writing for this project.
TBTF is alarming, surprising, and will make you angry in places. Some of the CEOs of these investment banks who allowed their firms to take on enormous risks come across as inept and weak and overpowered by former Treasury Secretary Henry Paulson and former President of the N.Y. Fed and current Treasury Secretary Tim Geithner.
The biggest concern for me is that the extraordinary measures put in place by Paulson and Geithner eventually stemmed the losses and brought stability to our financial markets, but did little to fix the underlying problems, some of which are the banks’ significant incentive to take on excessive speculation and to create complex financial products that most people do not understand and cannot value. My fear is not whether a crisis of this magnitude will happen again, but when. And, when it does, have we learned our lessons and have the wherewithal to fix the problems. I believe if a firm is too big to fail, it is too big to manage.
This is a must read for everyone.
I have read many books about the crisis, but TBTF is the most comprehensive. As a writer, I am in awe of Sorkin's undertaking the amount of work involved in researching, interviewing, and writing for this project.
TBTF is alarming, surprising, and will make you angry in places. Some of the CEOs of these investment banks who allowed their firms to take on enormous risks come across as inept and weak and overpowered by former Treasury Secretary Henry Paulson and former President of the N.Y. Fed and current Treasury Secretary Tim Geithner.
The biggest concern for me is that the extraordinary measures put in place by Paulson and Geithner eventually stemmed the losses and brought stability to our financial markets, but did little to fix the underlying problems, some of which are the banks’ significant incentive to take on excessive speculation and to create complex financial products that most people do not understand and cannot value. My fear is not whether a crisis of this magnitude will happen again, but when. And, when it does, have we learned our lessons and have the wherewithal to fix the problems. I believe if a firm is too big to fail, it is too big to manage.
This is a must read for everyone.
A very worthy read but try reading it after "The Invible Gorilla" as it highlights the illusion of confidence, the power of narrative and the illusion of understanding. Faith, confidence and lack of understanding over years created the perfect storm. Under extreme pressure, with limited sleep and with a powerful delusion of understanding, public officials and leaders of Wall Street tried to save themselves and the economy. They thought they understood how things worked before during and probably after the crisis climax but the fallout shows they do not and another is sure to hit eventually.
The author does a great job of making the reader feel the urgency and of showing difficulty of the task faced by these people. It would be good for more people to read this to understand the situation and demand more from the financial sector (especially its regulators). We are three years out from the beginning of this mess and very little has been done to safeguard the future.
The author does a great job of making the reader feel the urgency and of showing difficulty of the task faced by these people. It would be good for more people to read this to understand the situation and demand more from the financial sector (especially its regulators). We are three years out from the beginning of this mess and very little has been done to safeguard the future.
I can't believe a book about the financial meltdown of 2008 could be so ... good. It was a total page-turner!