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

4.6 4.6 out of 5 stars 2,738 ratings

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Includes a new afterword to mark the 10th anniversary of the financial crisis

The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film

Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist

In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a
New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.
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Editorial Reviews

Review

“Comprehensive and chilling.”
—Time

“. . . His action scenes are intimate and engaging.” 
The New Yorker

“Sorkin’s prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It’s an entertaining book, brisk book . . . Sorkin skillfully captures the raucous enthusiasm and riotous greed that fueled this rational irrationality.”
The New York Times Book Review

“Brings the drama alive with unusual inside access and compelling detail . . . A deeply researched account of the financial meltdown."
BusinessWeek

“Meticulously researched . . . told brilliantly. Other blow-by-blow accounts are in the works. It is hard to imagine them being this riveting.”
The Economist

“Sorkin’s densely detailed and astonishing narrative of the epic financial crisis of 2008 is an extraordinary achievement that will be hard to surpass as the definitive account . . . as a dramatic close-up, his book is hard to beat.”
Financial Times

“Sorkin’s book, like its author, is a phenom . . . an absolute tour de force.”
The American Prospect

“Andrew Ross Sorkin pens what may be the definitive history of the banking crisis.”
The Atlantic Monthly

“Andrew Ross Sorkin has written a fascinating, scene-by-scene saga of the eyeless trying to march the clueless through Great Depression II.”
Tom Wolfe

“Sorkin has succeeded in writing
the book of the crisis, with amazing levels of detail and access.”
Reuters

“Sorkin can write. His storytelling makes
Liar’s Poker look like a children’s book.”
—SNL Financial

From the Back Cover

Andrew Ross Sorkin delivers the first true behind-the-scenes 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 Russia and the corridors of Washington, this 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.

Product details

  • ASIN ‏ : ‎ B003XQEVUI
  • Publisher ‏ : ‎ Penguin Books; Updated edition (September 7, 2010)
  • Publication date ‏ : ‎ September 7, 2010
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 11260 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 617 pages
  • Customer Reviews:
    4.6 4.6 out of 5 stars 2,738 ratings

About the author

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Andrew Ross Sorkin
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Andrew Ross Sorkin is The New York Times's chief mergers and acquisitions reporter and a columnist. Mr. Sorkin, a leading voice about Wall Street and corporate America, is also the editor of DealBook, an online daily financial report he started in 2001. In addition, Mr. Sorkin is an assistant editor of business and finance news, helping guide and shape the paper's coverage.

Mr. Sorkin, who has appeared on NBC's "Today" show and on "Charlie Rose" on PBS, is a frequent guest host of CNBC's "Squawk Box." He won a Gerald Loeb Award, the highest honor in business journalism, in 2004 for breaking news. He also won a Society of American Business Editors and Writers Award for breaking news in 2005 and again in 2006. In 2007, the World Economic Forum named him a Young Global Leader.

Mr. Sorkin began writing for The Times in 1995 under unusual circumstances: he hadn't yet graduated from high school.

Customer reviews

4.6 out of 5 stars
2,738 global ratings

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Customers say

Customers find the book easy to read and informative. They appreciate the well-researched content that remains relevant. The pacing is described as fast and engaging, with plenty of details. Readers describe the book as entertaining and interesting. They mention it's a quick read that hooks you up quickly.

AI-generated from the text of customer reviews

137 customers mention "Readability"137 positive0 negative

Customers find the book readable and engaging. It provides an informative overview of key figures and events. Readers describe it as a fast-paced, page-turning read that anyone can understand even without a financial background. Overall, they consider it a worthwhile effort and a great addition to their knowledge of the topic.

"...There are a plethora of good books that have come out thus far (and plenty of bad ones)...." Read more

"...Incidentally, HBO has made a stellar palimpsest of TBTF...." Read more

"...Overall, I found it a very enjoyable and informative reading experience. Highly recommended." Read more

"...It's worth the effort if only to realize every diabolical and sleazy thought you've ever had about Wall Street and the evil that lurks there is more..." Read more

124 customers mention "Information quality"124 positive0 negative

Customers appreciate the book's informative and timely content. They find the research insightful and the conclusions thought-provoking. The book provides a thorough overview of the events leading up to Leahman Brothers.

"...that I find dangerous in their ideology, but also some that are remarkably astute...." Read more

"...these sorts of accounts that I believe Sorkin's book to be hugely relevant and both an insightful and (perhaps surprisingly) entertaining read." Read more

"...Andrew Ross Sorkin is a highly knowledgeable financial journalist who is also a very gifted storyteller...." Read more

"...The book also contains a very detailed bibliography and index...." Read more

119 customers mention "Pacing"99 positive20 negative

Customers find the book engaging with its drama and details. They appreciate the ebb and flow of negotiations and the human side of the story. The book provides an insightful look into the 2008 financial crisis and the people involved.

"...of our entire financial system is both fascinating and deeply disconcerting main insight reading this book has left me with...." Read more

"...While Sorkin concludes the work with a passable epilogue, it comes nowhere close to providing the reader with a framework in which the events of 2007..." Read more

"...Im glad i took the time to read it. The various negotiating strategies, brinkmanship and strategy or lack thereof are described in detail with..." Read more

"...This is a chronology of the events and it does capture in great detail the almost hour to hour events especially the eventful weekend of September 13..." Read more

63 customers mention "Reading enjoyment"51 positive12 negative

Customers enjoy the book's engaging content. They find it entertaining and a page-turner. The subject is interesting and sparks their interest.

"...a hopeless obsessive of these events (like me) or not, the book is wildly entertaining, completely fascinating, and extremely well-told...." Read more

"...relevant and both an insightful and (perhaps surprisingly) entertaining read." Read more

"...Too Big to Fail” is actually quite a page-turner. Sorkin tells his story in a crisp, fast-paced narrative style that’s never boring...." Read more

"...The book is easy to read, and interesting if you are the type that enjoys celebrity gossip...." Read more

25 customers mention "Pace"19 positive6 negative

Customers find the book's pace engaging. They read it quickly, despite its length. The narrative style is crisp and never boring.

"...to the cast list when absolutely necessary, for the complexity, lightning pace and flurry of numbers and dates Sorkin assaults the reader with has..." Read more

"...Without missing a beat, Sorkin leads the reader from the early rumblings of trouble in the housing market up to the passage of TARP in the waning..." Read more

"...Sorkin tells his story in a crisp, fast-paced narrative style that’s never boring...." Read more

"...I did get that book but the flow of information and timing of information was inconsistent. The flow of information was similar to an EKG...." Read more

21 customers mention "Color"18 positive3 negative

Customers find the book provides an interesting portrait of key Wall Street players. They appreciate the colorful characters and the depiction of how the financial crisis came about in 2008. The book provides a good backdrop to each character's demeanor and gives a great look at the human side of the crisis.

"...But what I did get out of reading this is an incredible amount of color on all the aforementioned issues (and others) that I desperately needed...." Read more

"...The book blessedly contains a cast of characters, both home-grown and international, at the front of the book, but there were so many incestuous..." Read more

"...and strategy or lack thereof are described in detail with colorful language...." Read more

"...on a piccolo trumpet ("Penny Lane") with better-drawn characters than most reporting...." Read more

75 customers mention "Detail"51 positive24 negative

Customers have mixed opinions about the book's detail. Some find it well-researched and accurate, describing all events in detail and tying them together nicely. Others feel the book is almost too detailed, with little explanation of the underpinnings of the crisis. They also mention that the story is delivered superficially, with no insight or analysis.

"...presents heroes and villains in rapid succession, and with convincing accuracy...." Read more

"...This is a chronology of the events and it does capture in great detail the almost hour to hour events especially the eventful weekend of September 13..." Read more

"...An epilogue does gloss over, untied to any actual reporting, what might have contributed to the spill...." Read more

"...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...." Read more

39 customers mention "Length"6 positive33 negative

Customers find the book too long, with 500 pages. They say it gets bogged down and lacks a clear picture. However, some readers found the account interesting to read.

"...He had a gigantic head and huge bulging eyes. He was not a pretty sight and downright scary...." Read more

"...in the herd and driving them off a cliff, well then, surely 500 pages is WAY too much...." Read more

"...all of the CEO and government actors were; however, given the length and torpidity, I might suggest for someone short on time and long on books to..." Read more

"...Long read but worth it for the information." Read more

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Top reviews from the United States

  • Reviewed in the United States on December 28, 2009
    The litany of books on the 2008 economic crisis covers a lot of ground. There are a plethora of good books that have come out thus far (and plenty of bad ones). My reading has already taken me through some books that I find dangerous in their ideology, but also some that are remarkably astute. What I have not come across until this latest addition to the series is a book that was nearly impossible to put down. Andrew Ross Sorkin's Too Big to Fail put an end to that. While I have over a dozen books to complete still in this project, and am backed up more than that with books I have completed but not yet reviewed, I can safely say that no book will prove to be as much fun to read as Sorkin's. I recommend it for any reader who has the ability to take down over 500 pages of a brilliantly-written suspense thriller.

    Sorkin's book does something that very few books written about the crisis will be able to do: It narrates a series of events with virtually no ideology or partisanship whatsoever. I can honestly say that after finishing the book I still had no idea what Sorkin believes about the TARP bill, the nature of Wall Street, the role of lawmakers in causing the collapse, the merit (or lack thereof) of the Federal Reserve's response to the crisis, etc. Sorkin tells the story of the events leading up to, and immediately following, last September's week from hell (the week that included the bankruptcy filing of Lehman Brothers, the government bailout of AIG, and the emergency sale of Merrill Lynch to Bank of America). Intertwined with the narratives of that fateful week, Sorkin incorporates extensive biographies of the lead characters including Henry Paulson, Tim Geithner, Richard Fuld, Ken Lewis, Jamie Dimon, Lloyd Blankfein, and many others. By the time I was done with the book I felt like I knew the characters personally. His research is comprehensive and his list of sources unmatched. No major character in this story has come forward to deny his version of any of the major stories. Whether someone is a hopeless obsessive of these events (like me) or not, the book is wildly entertaining, completely fascinating, and extremely well-told.

    I do have to interact with the events described in this book at some point, and I intend to do so in greater detail when my review series is complete. I do not accept any version of the 2008 catastrophe that either totally villainizes Henry Paulson, or totally vindicates him. My interest in this review series is ideological: I believe that the Libertarian-anarchist crowd, and even more disturbingly the Keynesian-leftist crowd, have axes to grind in their portrayal of the crisis that must not be left unaddressed. Sorkin's book does not pose any such problems. The complex issues he addresses require an economic thinker like myself to formulate opinions, but he does so without poisoning the well. I did not complete this behemoth book with any more clarity about the propriety of TARP, the role of short sellers in the financial crisis, or the moral hazard embedded in much of Uncle Sam's reaction to the crisis. But what I did get out of reading this is an incredible amount of color on all the aforementioned issues (and others) that I desperately needed. The proper ideological commentary on September of 2008 is coming, but in the meantime, kudos to Andrew Ross Sorking for not attempting to provide that commentary, and instead providing me 550 pages of reading bliss.
    22 people found this helpful
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  • Reviewed in the United States on December 4, 2012
    Anyone reading this book in search of analysis, let alone answers to the events leading up to the "great recession" will end up disappointed. However, this in no way means that there is nothing to be gained from reading it.

    What Andrew Ross Sorkin delivers is a meticulously researched chronology of events. The amount of names, dates and times the reader needs to keep track of is enormous, and the author thankfully included a cast of characters for cross-reference. Yet I found myself only referring back to the cast list when absolutely necessary, for the complexity, lightning pace and flurry of numbers and dates Sorkin assaults the reader with has the positive effect of helping me imagine myself sitting in the board meeting along with frantic, sleep deprived executives trying to make sense of the unfolding crisis.

    This effect is aided by Sorkin's frequent use of what appear to be direct quotes, which gives the book more the feel of a John Grisham novel than a dry chronology of financial events. Sorkin states in his notes and sources that these quotes are sometimes taken from recordings of meetings, sometimes from notes taken by participants, but acknowledges that they any given quote is frequently "only as good as the memories of those who recalled it". This qualifier notwithstanding, I am inclined to trust in the general accuracy of Sorkin's research, and believe that the quotes and colorful background information on the characters populating this Wall Street play are what delivers this book's most valuable insight: even in a financial world of computerized high frequency trading and intricate corporate governance playbooks, people matter.

    The importance of a comparatively small cast of people to the wellbeing of our entire financial system is both fascinating and deeply disconcerting main insight reading this book has left me with. Without wishing to spoil any of the contents, there is an episode in the book in which the importance of even one singular player to the financial system struck me especially: Sorkin describes a meeting between Dick Fuld, CEO of Lehman Brothers and the Korea Investment Bank in which the former almost singlehandedly causes the failure of a possible deal. Whether this deal would have ultimately gone through absent Fuld's behavior, or even whether such a deal would have made a difference in the scheme of things is up to debate. Nevertheless, the impact of one man remains unsettling.

    It is by relating these sorts of accounts that I believe Sorkin's book to be hugely relevant and both an insightful and (perhaps surprisingly) entertaining read.
    One person found this helpful
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Top reviews from other countries

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  • Leandro Santana de Oliveira
    5.0 out of 5 stars Too Big to Fail - Andrew Ross Sorkin
    Reviewed in Brazil on December 28, 2023
    O cenário deste livro é a grande crise financeira de 2008. O período coberto vai do resgate do Bear Stearns à assinatura do TARP
    (Troubled Asset Relief Program ou Programa de Alívio de Ativos Problemáticos) pelos nove maiores bancos americanos, passando pela malfadada quebra do Lehman Brothers.

    Ao longo das páginas são reconstruídos diálogos dos bastidores da crise, dia a dia. Os personagens principais são Hank Paulson, secretário do tesouro; Ben Bernanke, presidente do FED; Tim Geithner, presidente do FED NY e posteriormente secretário do tesouro no governo Obama; os CEOs de JP Morgan, Goldman Sachs, Lehman Brothers, Citigroup, entre outros.

    O título do livro retrata o grande dilema de toda crise financeira: existem empresas grandes demais para quebrar? A pergunta permanece sem resposta, pois a quebra do Lehman Brothers é considerada o maior erro da equipe econômica de Bush.

    Mas uma conclusão é muito clara: o mercado não se corrige sozinho. A prova: o governo republicano de George Bush foi obrigado a injetar 1 trilhão de dólares na economia para salvar o sistema financeiro. A título de exemplo, o governo americano chegou a deter 36% do Citigroup. Literalmente houve estatização dos maiores bancos da maior economia do mundo.

    Naturalmente, que uma economia estatizada também não é a resposta. Encontrar o equilíbrio certo é o desafio!
  • Rolly0907
    5.0 out of 5 stars Read it not only once..
    Reviewed in Germany on June 6, 2024
    A simple truth about big ones.A cookbook for regular mortals
  • Ravi Balakrishnan
    5.0 out of 5 stars Awesome Book on 2008 financial crisis
    Reviewed in India on February 20, 2022
    If you want an insider account of how things unraveled during the few crisis week - this is "the" book to read. This book covers details on how different things came together to solve the crisis. A little details on the financial jargons (CDO, CDS, etc) would have made it an easy read. However, I spent some pre read on the web to get context. You don't need fundamentals of finance to read the book.
  • Oren Ordynans
    5.0 out of 5 stars Very Informative and a great read!
    Reviewed in Canada on September 4, 2020
    2008 was a difficult time for the United States economy. This book explains how the 2008 financial crisis in the United States had a tragic yet devastating impact on the share values and investments of both America's most reliable financial institutions such as Goldman Sachs and Lehman Brothers. Once these major financial institutions shut down, some of the biggest corporate shareholders walked away with big bonuses in their pockets and this was not fair to the millions of Americans who had lost their jobs and their homes once the housing bubble had burst. The $700 billion TARP plan developed by the Bush administration did not set any precedent for how financial corporations could get relief that could prevent them from going into bankruptcy nor did the government bailouts that the federal reserve recommended the administration to enforce provide as much solvency or stability to America's financial sector.
  • Cliente de Kindle
    5.0 out of 5 stars Excellent account on the aftermath of the subprime crisis
    Reviewed in Mexico on March 16, 2020
    I find this an unbiased and very detailed account on the actions taken after the subprime crisis by the U.S. government and the top players in Wall Street.

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