hwasend.blogg.se

HBO’s Too Big Too Fail shines the spotlight on the financial crisis of 2008. Written in 2010, it was made into a film in 2011. He opined, “If they are too big to fail, they are too big”.Īndrew Ross Sorkin wrote his book Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System-and Themselves, also known as Too Big to Fail: Inside the Battle to Save Wall Street from the eyes of government regulators and the CEOs on Wall street. Alan Greenspan felt that no firm should be too big to fail. Economists believe that if the TBTF’s feel they will be insulated against pressures of the market they will not self-regulate and resist any outside attempts to do so. Some financial companies are so big and so interconnected that pulling them out of the system would lead to the collapse of the system itself.

If you have time for a 600 page book, and are interested in this kind of stuff, you should give it a try too. I really enjoyed the book, and as I said before, it took all my spare time the last couple of weeks. I don’t think I have read such stories anywhere else, and all of them come together to make a very enthralling sequence of events, which is put together quite nicely. These are things like the secret Paulson – Goldman meeting, Warren Buffet sending a 4 page letter to Treasury to outline a plan of how they could buy toxic assets to improve the situation, or just innocuous little things like Geithner’s preference for the “F” word. These conversations and stories are recreated from the author’s interviews with top officials and a lot of these stories have appeared for the first time anywhere. Conversations were something I wasn’t expecting from the book, and as far as I am concerned, that’s the thing that makes the book good.

It makes you feel you are going through the events yourself, and adds real flavor to the whole thing. It is written for everyone, and is not just for people interested in Wall Street or finances in general.Īndrew Ross Sorkin has recreated a lot of conversations, and that makes the book really great. It is easy to read and focuses on the people, their stories and emotions, rather than delve deep on the technical matters related to the crisis. The book is entertaining, and I found it hard to put down once I started reading it. It starts off with JP Morgan agreeing to buy Bear Sterns and ends after the government decides to inject billions of dollars in the top financial institutions last October. It reads like a novel and takes you through the events, people and stories around the financial panic last year. I’ve just finished reading Too Big to Fail, by Andrew Ross Sorkin (Penguin, October 2009) and I really enjoyed it.