Too Big To Fail is about the financial storm that spilled out to the rest of the world and of the giants that thought they had control over it. Sorkin, a tough nut Wall Street journalist provides the intense first account of the events that unfolded, as Wall Street fought vainly to save its walls of money in the face of the stock market crash of 2008.
Summary Of The Book
Sorkin took advantage of the exclusive and unlimited access he had of the key players of the financial market and churned out a vivid narrative of the 2008 financial crisis. The main players in this book are the harrowed CEOs of big financial houses like AIG and the Lehman Brothers to the other side of the spectrum, the bullish and sometimes brash regulatory authorities.
Before the crisis the financial world meant an unprecedented life of luxury and comfort as CEO?s raked in their billions off the market and flew around in chartered jets. They were, as they thought and were sure of, Too Big to Fail but quickly their reckless expense spending coupled with speculative bubbles proved too much for anyone to control. The crash unfurled before their glazed eyes and suddenly there was chaos. The Lehman Brothers became reviled in the eyes of the public and Joseph Cassano of AIG became to be known as ?The Man Who Crashed The World.?
These men and women were the custodians of the financial cosmos and their smallest actions played out vast ripples across the financial markets elsewhere. Now, with their sleight of hands resulting in adverse outcomes, they became entrenched in a kind of cohesive strategy to tide through the panic. Too Big To Fail does everything to recreate this drama as delirious and hostile conversations have been recorded and duly reported. Even foul mouthed confrontations and full fledged panic haven?t been left aside in this incisive examination of that time.
Too Big To Fail has been told from the point of view of the perpetrators, the financial masters and the regulatory authorities. The book follows the early stages of the crisis and captures the hasty decision making and ad hoc measures taken by all the concerned parties. It investigates the status till the point the Troubled Asset Relief Program was created. This was a measure undertaken by the Govt. to bail out the major institutions in order to restore order to the financial market.
Due to the riveting content and Sorkin?s visionary narrative style, the book has been received very well in both readers and critics circles across the world. It went on to win the Gerald Loeb Award in 2010 and was shortlisted for the Samuel Johnson Prize and the Financial Times and Goldman Sachs Business Book of the Year Award.
Andrew Ross Sorkin is an acclaimed reporter in the financial gameplay of mergers and acquisition for The New York Times.
Along with this, he also writes columns and edits content related to business and finance for the same. He also handles an online financial news site, DealBook, which he himself founded. By winning the Gerald Loeb Award for this book, he has been honoured with the most prestigious award in the world of business journalism. In 2007, he was named as a Young Global Leader by the World Economic Forum. He is also a communicator in the media stream as he frequently guest hosts television shows with content intimate to the financial world.