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“TOO BIG TO FAIL” – BOOK REVIEW
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| Words: 2266 | Submitted: 27-Feb-2012
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DescriptionA book review of "Too big to fail"
“TOO BIG TO FAIL” – BOOK REVIEW
Even though the event happened almost three years ago, the financial crisis in 2008 had never been considered a “historical” event simply because there are still so many problems that need to be solved. There are still many questions and concerns that need to be answered not only to find who to blame, but also to prevent this “economic disaster” to happen again in the future. Just like many other published materials, “Too big to fail” of Andrew Ross Sorkin attempts to “dig a little deeper” under the remains that the financial crisis left to find the truth, the reason that led to the collapse of Wall Street’s biggest investment banks. It is not unreasonable to claim that six hundred pages of the book succeeded in somewhat unveiling the truth behind the collapse of the considered strongest financial system in the world.
“Too big to fail,” just like what its name suggests, is claimed by its author to be a “behind-the-scene tale” of the people running the so-thought “too big to fail” firms as well as of those regulating them. Throughout twenty chapters, the author took the readers on a tour around the whole financial system: getting into big firms’ top executives’ offices, participating in both public and confidential meetings of the most powerful characters in the US governments, joining the CEOs and CFOs with their journey through the whole crisis and how each defended himself and his company. The book did not tell a complete story, but rather pieces of different stories of so many individuals that a section called “The cast of characters and the companies they kept” was provided so that it could be a little bit better for readers to follow and understand each individual’s role in the crisis. These pieces of stories are put together in a chronological order, revealing little by little each individual’s characteristics and how he reacted to the posed threats in order to save himself and his firm. The surprisingly detailed descriptions of each event or decision added more excitement and “thrills” to this enormous collection of stories.
Sorkin chose the end of Bear Stearns, one of the five biggest investment banks of America, when it was acquired by JP Morgan Chase for $2 a share, as the beginning of his story. He started with everyone’s focus on Lehman Brothers after Bear’s collapse as it is considered to be the next “target” of this “domino-effect” failure of the whole financial system. Its’ characteristic CEO, Richard Fuld was vividly and carefully described and introduced as one of the main characters of the epic. Fuld’s part of the story ...
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