| | |  | General | Home » » » » Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves | | | | | | | Description: | | A real-life thriller about the most tumultuous period in America’s financial history by an acclaimed New York Times Reporter
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 never disclosed 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. | | | Features: | |
• Current Events, Politics, Economy
| | | Product Details: | | | Author:
| Andrew Ross Sorkin | | Hardcover:
| 624 pages | | Publisher:
| Viking Adult | | Publication Date:
| October 20, 2009 | | Language:
| English | | ISBN:
| 0670021253 | | Product Length:
| 9.56 inches | | Product Width:
| 6.52 inches | | Product Height:
| 1.9 inches | | Product Weight:
| 2.1 pounds | | Package Length:
| 9.4 inches | | Package Width:
| 6.1 inches | | Package Height:
| 1.5 inches | | Package Weight:
| 2.15 pounds | | Average Customer Rating:
|  based on 306 reviews |
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| | | | Customer Reviews: | |
Average Customer Review:
 ( 306 customer reviews )
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Most Helpful Customer Reviews
138 of 155 found the following review helpful:
 A Real Page TurnerNov 18, 2009
By Alan
This is an excellent book that reads like something that Dan Brown might have written. But its real. The part that amazed me was the level of detail Sorkin was able to get about behind the scenes conversations that took place. Stuff about how people such as Dick Fuld of Lehman reacted to the problems when it was becoming clear that the company was going down and he was in denial. How Paulson was reacting to things when there were no rules about what to do.
But probably the most interesting parts were how the different personalities were reacting while the ground was shifting under them. At the peak, many of the people involved were literally working 24 hours a day highlighted by a phone call made to Vikram Pandit, CEO of Citibank at 3 am telling how a deal he made at midnight for Wachovia had instead been trumped by another and that that deal had already been signed and blessed by the government. How major decisions were being made on the run and how solid institutions became institutions on the brink in a matter of hours.
The book also explains how companies like Barclays and China Investment Corporation were working behind the scenes as well how Paulson, Geithener and others in the government were scrambling to keep things from collapsing. There is a lot of Monday Morning Quarterbacking going on and some of the things these people did may not have been the best, but they pulled it off and we should all be grateful.
But there some bad guys, namely the short sellers and as usual some in congress. The book makes clear that out of control short selling added fuel to the flames that were occurring and that when we were facing this emergency some members of Congress were focused on their own butt instead of doing what was needed.
There is a huge cast in this book and its is sometimes hard to keep the people and their roles straight, but make the effort. You will be rewarded.
265 of 316 found the following review helpful:
 Simply a chronologyDec 01, 2009
By Gregory Forsthoefel
The book details the events, the people and the conversations that roiled the banks in 2008. The book does not really discuss why the events happened. If you're looking to understand why these banks fell, this is not the book to read.
The book is very readable and even at 539 pages, a person can finish it quickly. Another plus is that unlike most NY Times reporters, the author keeps most of his opinions out of the story until the last 2 pages.
His opinions are:
The government allowing Lehman to go into bankruptcy was the catalyst that caused the floodgates to open. This is probably why he spends a lot of the book developing the Lehman story.
He's ambivalent about whether the government players could have prevented the collapse of the banks or even if they did the right things when they did act. But he's quite clear that more banking regulation was needed then and is needed now.
One can disagree with his opinions, but he does well to leave most of them till the end of the book.
A few criticisms:
As mentioned, he does not discuss why exactly these events happened. In the epilogue, he briefly mentions 4 events that percolated over 10 years that conspired to cause the perfect storm in 2008. But he could have spent a chapter (prologue) describing these events and how they conspired to cause the problem. Apparently he's not a banker or an academic, so maybe he didn't feel qualified to do this.
Second criticism: In a few places prior to his epilogue, he lets us know his (negative) opinion of some players. It's obvious his disdain for Chris Cox and Sheila Bair. But he's particularly vitriolic towards the Wall Street Journal editorial page. I thought that as a chronicler, the author should have omitted his opinions of these people/institutions. Except for these incidents, he does largely keeps his opinions out of the manuscript until the last few pages.
Overall, a quick read that details the players and the chronology of events. If all you need is to understand the crisis, then this book should suffice.
80 of 96 found the following review helpful:
The Definitive Book on Financial CrisisOct 30, 2009
By John O. Clark
After reading two other well-publicized books on the real estate bubble and following market crash, I felt like I had been had. One book, primarily about Lehman, was shallow and written by an egotistical prima donna. The other was too technical and appeared to not have been edited well.
This book was written by a finanial author and is fair, thorough, and puts everything in perspective. It is well-written and flows for an easy read.
If you have any interest in financial history, this book belongs on your shelf along with other classics like When Genius Failed, Barbarians at the Gate, and the Smartest Guys in the Room. Ignore the poor ratings by those who were disappointed in the Kindle price. That is another issue.
18 of 20 found the following review helpful:
Sorkin channels the big boysJun 04, 2011
By Reader
The problem with this book is not just that the author makes virtually no effort to explain why the whole financial system would have collapsed in 2008 absent huge taxpayer bailouts, other than in a few sentences in an epilogue. The problem is that throughout the book he uncritically channels the explanations for the collapse provided by the titans of Wall Street. The CEOs blame the government, the profit-seeking hedge funds and the shorts, never themselves. They come up with ludicrous justifications for billions in salaries and bonuses that fund their lavish lifestyles. You can almost hear Sorkin's pain when he describes how much the net worth of the Lehman CEO, Dick Fuld, declined, and how he has to consider selling his wife's art collection. The fact that he had redeemed hundreds of millions worth of stock ($482 million according to Fortune magazine) as his company was disintegrating around him barely gets mentioned. The accounting tricks used to prop up these paragons both to take their toxic assets temporarily off the books and to underreport the real compensation to executives go unmentioned. After reading this you also wonder what it is that these people actually do to earn these billions. Sorkin uncritically says that this money is necessary to "retain the talent." But Bank of America decided to pay $38 billion for Merrill Lynch after doing due diligence for a total of two days. Was this actually a demonstration of "talent"? The only sense you get of these people is that they're all scrappy testosterone-filled climbers from disadvantaged backgrounds who still feel a deep need to prove themselves and who also want to belong to an all-male club. Government regulators also belong to the same club; any of these CEOs can get any government official they want on the phone within a few minutes. Virtually every quote from a CEO has the "f" word somewhere in it, and women are persona non grata except for wallflower wives, who are either crying at some decision by their husbands that turns out to be brilliant (p. 40, 171), or are waiting patiently at home to stroke their egos. The two women who have anything to do with this story, Erin Callan, the Lehman CFO, and Sheila Bair, the FDIC Chairwoman, are disparaged in the meanest possible terms. Callan was a "diversity hire" (p. 112) whom Sorkin further maligns by repeating unsubstantiated rumors that she slept her way to the top. (p. 120). She "knew precious little" about her subject matter and "had no background in accounting whatsoever." (p. 29). A tax lawyer, with no background in accounting? Sure. She's ridiculed for having a framed cover story from a Conde Nast magazine on her wall; so she's also vain. Bair is similarly ridiculed as a "showboat," a "grandstander," and, worst of all in this all-male club, "not a team player." Sorkin is a talented writer, but New York Times reporters should do better than serve as propaganda mouthpieces for the ruling class that has fooled so many of us and stolen so many of our resources.
27 of 32 found the following review helpful:
Strong RecommendationOct 28, 2009
By Elliott J. Hahn
I have read many books on last year's economic crisis, and this book if not the best is certainly one of them. It is a well-written description on literally a day to day basis of the events in NYC and DC that changed our economic landscape forever. The book allows us to know the thoughts of many of the major participants and details the reasons for the actions taken, and shows us how close we came to an economic collapse. I strongly recommend it. Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves
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