Too Big to Fail: The Inside Story of How Wall Street and by Andrew Ross Sorkin

By Andrew Ross Sorkin

Named a top booklet of the yr by: The Economist, The monetary instances, enterprise Week, and 800-CEO-Read

Winner of the Gerald Loeb Award for top company Book

Too vast To Fail is too reliable to place down. . . . it's the tale of the actors within the such a lot striking monetary spectacle in eighty years, and it's advised brilliantly.” The Economist 

“Vigorously said, beautifully prepared . . . For these folks who didn’t pursue MBAs—and have the penny-ante salaries to end up it—Sorkin’s publication bargains a transparent, cogent rationalization of what occurred and why it matters.” —Julia Keller, Chicago Tribune

“Sorkin’s prodigious reporting and vigorous writing placed the reader within the room for many of the biggest-dollar convention calls in heritage. It’s an unique, brisk book.” Paul M. Barrett, The ny instances booklet Review 

“Sorkin’s densely certain and staggering narrative of the epic monetary hindrance of 2008 is a rare success that might be demanding to surpass because the definitive account.” —John Gapper, Financial Times 

A brilliantly said true-life mystery that is going behind the curtain of the monetary difficulty on Wall road and in Washington, the root for the HBO film 

in a single of the main gripping monetary narratives in many years, Andrew Ross Sorkin-a New York Times columnist and one of many country's most precious monetary reporters-delivers the 1st definitive blow- by-blow account of the epochal fiscal challenge that introduced the realm to the threshold. via remarkable entry to the gamers concerned, he re-creates the entire drama and turmoil of those turbulent days, revealing never-before-disclosed information and recounting how, inspired as frequently by means of ego and greed as through worry and self-preservation, the main robust women and men in finance and politics determined the destiny of the world's financial system.

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Additional info for Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System - and Themselves

Sample text

On CNBC, Joe Kernen was interviewing Anton Schutz of Burnham Asset Management about the fallout from the Bear Stearns deal and what it meant for Lehman. “We’ve been characterizing Lehman Brothers as the front, or ground zero, for what’s happening today,” Kernen said. ” “I expect these investment banks to be weak,” Schutz replied. “The reason is there’s just this tremendous fear of mismarking of assets on balance sheets, and how could JP Morgan have gotten away with paying so little for Bear Stearns, and why did the Fed have to step up with $30 billion to take on some of the bad assets.

That didn’t begin to describe it. m. Hank Paulson called to check in. Dow Jones Newswire was reporting that DBS Group Holdings, the largest bank in Southeast Asia, had circulated an internal memo late the previous week ordering its traders to avoid new transactions involving Bear Stearns and Lehman. Paulson was concerned that Lehman might be losing trading partners, which would be the beginning of the end. “We’re going to be fine,” Fuld said, reiterating what he had told him over the weekend about the firm’s solid earnings report, which he planned to announce Tuesday morning.

But whatever might be said about bankers’ behavior during the housing boom, it can’t be denied that these institutions “ate their own cooking”—in fact, they gorged on it, buying mountains of mortgage-backed assets from one another. But it was the new ultra-interconnectedness among the nation’s financial institutions that posed the biggest risk of all. As a result of the banks owning various slices of these newfangled financial instruments, every firm was now dependent on the others—and many didn’t even know it.

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