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Too Big to Fail
Book

Too Big to Fail

The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis – and Lost

Viking, 2009 更多详情


Editorial Rating

9

Qualities

  • Innovative
  • Applicable

Recommendation

The ever-growing pile of books about the Great Recession holds two kinds of tomes: those that pontificate about what went wrong and what should change, and those that detail the minute-by-minute action in the boardrooms of Wall Street and Washington. This book is the second kind. New York Times reporter Andrew Ross Sorkin, who gained access to many high-level financial players, provides an ambitious, remarkably detailed account of the collapse and bailouts of 2008. He accomplishes two noteworthy feats: He digs up information that wasn’t widely known, and he beautifully writes a page-turning yarn. getAbstract recommends his book to investors, policy makers and businesspeople who seek a clear observer’s perspective on Wall Street’s meltdown.

Take-Aways

  • In 2008, Lehman Brothers investment bank wavered on the brink of collapse.
  • Lehman CEO Richard S. Fuld Jr. blamed the bank’s falling stock price on short-sellers.
  • Refusing to acknowledge his firm’s weakness, Fuld sought a cash infusion from Warren Buffett, and pursued mergers with Barclays and Bank of America.

About the Author

Andrew Ross Sorkin is the chief mergers-and-acquisitions reporter and columnist for The New York Times. He founded DealBook, an online daily financial report.


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