Kartik's Reviews > Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

Too Big to Fail by Andrew Ross Sorkin
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Apr 16, 11

Read in March, 2011

The tag 'Master Storyteller', should be applied to Andrew Ross Sorkin for this piece of work. It has been a while since a book captured my attention so well as this one did.

Sorkin is able to cover the 'history' of the financial crisis in a good amount of depth, switch back and forth between the different 'stages' and bring out the personalities of the key players such as the investment bank CEOs, the NY Fed and the Treasury while at the same time providing enough information about the complicated financial instruments that were at the center of the crisis.

Key Takeaways:
1. No one is too big to fail - these venerable wall street institutions were regarded as 'rock solid', but they were operating on shaky foundations.

2. Use credit carefully - credit is good when exercised with caution and
always prepare for a worst-case scenario. In fact, re-examine your assumptions of a worst-case scenario on a regular basis.

Memorable picture from the book: Picture of the check for $9B from Mitsubishi UJF financial group to Morgan Stanley to help them with their liquidity crisis and prevent another collapse.
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