Andrew Ross Sorkin – Too Big to Fail

06-11-2011 | Michelle |

This book by Andrew Rose Sorkin is his excellent work about American financial crisis. He actually tried to depict the story of financial battle between Wall Street and Washington to save the financial system to be collapsed. His analysis about this sensitive issue is very factual and being a financial columnist and journalist, he tone in this book is very interesting but professional. He deserves admiration and appreciation to pen such a confused and mystified topic in a very lucid and comprehensive manner.

The book ‘Too big to fail’ actually points towards the illogical behavior of governments towards some of the financial institutes consequently radiate some unfavorable effects on global economy. The most interesting and informative element of this book is that Andrew Ross Sorkin tried to present a social and psychological overview of officials and he separately organize a portion at the end of each chapter and in each portion , he summarized the bio data and other necessary information about key personals associated to that financial system.

The description or text of this book is derived from critical and conflicted interviews conducted by Andrew himself. On the base of these interviews, Sorkin claims the treachery and dishonesty of these officials to collapse financial system but along with he offers or asserts his readers to evaluate the matter according to their own point of view.

At some points, it seems that “Too Big To Fail” is working as a contemplative effort because Sorkin’s demonstration or illustration about some main characters of the book exterminate previous blunders and fradulants. The basic theme of this book according to my opinion is to point out the connection between the corrupt characters of the book who worked together to disintegrate the entire financial system. The most disgusting example is the upheaval of Jamie Dimon, present Chairman and CEO of JP Morgan of Citigroup. According to Sorkin’s statement, “The untenable situation finally came to head a few days after the new Citigroup reported a disappointing third quarter, the result of a summer of turmoil as Russia defaulted and the hedge fund LTCM nearly collapsed”.

In this book, Sorkin tried to surmise that the most of the Wall Street firms were involved in the most appealing deception and trickery. There are big names included in this list such as Goldman Sachs, Lehman Brothers, Bear Stearns, Morgan Stanley and Merrill Lynch and Morgan Stanley.

Sorkin wrote down detail description about all the important events that occurred during the last few months of the year 2008.these were great and shocking events like five biggest investment banks collapsed, some were sold and few were converted into some financial firms. The largest insurance companies around the world were handed over to government control. Two biggest mortgage-lending firms were also nationalized during the year.

This extraordinary interference or involvement of the government in these financial giants to oppose the abrupt turn down in the financial markets led the economic system to be a scapegoat. AIG picked up more than $55 billion in TARP funds presented for an 80% ownership faced by the American remunerator for taxes.

Too Big To Fail” is an interesting and attractive piece of writing for business enthusiast or addicts and significantly, it is a good read for the American public. Even those who want to evaluate this worldwide financial crisis according to their own opinion must read the book to get their mind and concepts clear. This book can be considered among the best financial analysis even for the upcoming economic circumstances.

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