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Too big to fail – drama behind the financial crisis"Too Big to Fail: Inside the Battle to Save Wall Street”, written by Andrew Ross Sorkin, was released in South Africa in October 2009. It tells the story of the drama behind the scenes which triggered the greatest global financial crisis since the Great Depression of the early 1930s – a meta-review.
What is it all about?
In September 2008, global financial services firm Lehman Brothers – with national assets of US$639 billion – filed for bankruptcy. This filing not only marked the largest bankruptcy in American history; within hours, it also set in motion the complete meltdown of the global financial system.
“Too Big to Fail” provides a step-by-step and behind-the-scenes account of the greatest financial crisis since the Great Depression. As a journalist with “The New York Times”, author Andrew Ross Sorkin was granted unprecedented access to e-mails, confidential documentation and key financial and political role-players, allowing him to recreate the drama and turmoil that took place in closed boardrooms.
“Too Big to Fail” is very much a story of the people involved in the financial meltdown rather than the technical detail. The list of characters reads like a ‘who’s who’ of Wall Street and Washington, and Sorkin spent more than 300 hours interviewing over 200 people. The result is an intimate look into the failures, ego, greed, backstabbing and infighting of global power brokers who suddenly realised that their grandeur and dignity had been stripped away.
Who is the author?
Andrew Ross Sorkin is the chief mergers and acquisitions reporter for “The New York Times”. He has received numerous journalism awards, including the Gerald Loeb Award, which is the highest honour in business journalism.
What do others say?
“Too Big to Fail” received widespread acclaim for the level of detail – and particularly the personal stories – that Sorkin managed to put to paper. His astounding access to people and documentation means that never-disclosed details are brought to the fore, and his recreating of conversations (from interviews he conducted) is said to add a novel-like quality to the book.
However, Sorkin has received criticism for the fact that he is perhaps too accepting of the human failures of those involved. There are no real villains in “Too Big to Fail”; those in Wall Street and Washington are simply trying to do their best, and they have the noblest of intentions.
Also, some argue that the book does not provide enough technical detail on the collapse – although this could as easily be regarded as a positive comment.
In summary, if you have been closely following events in Wall Street, this book may not provide you with much additional information. However, if you want an intimate, easy-to-read and thriller-like account of the people behind the numbers, you will enjoy “Too Big to Fail”.
“Business Week”: "Despite its 600 pages, Sorkin’s work is highly readable and easily understood. Amid the detailed account of events, he weaves in quirky personal details and amusing anecdotes about the main characters and supporting players. These don’t necessarily add a lot of insight, but they do keep the story lively – and make the work appealing to an audience wider than just Wall Street buffs."
“Financial Times”: "Sorkin’s strength is that he knows Wall Street intimately and he brings to life its biggest domestic crisis with immense reporting zeal and narrative skill. Others will tell the story with more distance and perspective but, as a dramatic close-up, his book is hard to beat.”
How do I get hold of it?
“Too Big to Fail” is published in South Africa by Penguin. It is available at Exclusive Books at a recommended retail price of R350.00.
