Table of Contents
Praise for Too Big to Fail
Winner of the 2010 Gerald Loeb Award for Best Business Book
One ofThe Economists Best Books of 2010
One of theFinancial TimesBest Books of 2010
One ofBusinessWeeks Best Books of 2010
CEO Reads Best Book of 2010
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
Andrew Ross Sorkin has broken the Barbarians curse.... Sorkins 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.... Sorkins strength is that he knows Wall Street intimately and he brings to life its biggest domestic crisis with immense reporting zeal and narrative skill.
John Gapper, Financial Times
Vigorously reported, superbly organized... For those of us who didnt pursue MBAsand have the penny-ante salaries to prove itSorkins book offers a clear, cogent explanation of what happened and why it matters.
Julia Keller, Chicago Tribune
Andrew Ross Sorkin is the Stephen Ambrose for our financial crisis, with the blow-by-blow story of how rich bankers fought to save the Wall Street they knew and loved. The details in Too Big to Fail will turn your stomach. The arrogance, lack of self-awareness, and overweening pride are astonishing.
Simon Johnson, The Washington Post
Sorkin can write. His storytelling makes Liars Poker look like a childrens book.
SNL Financial
This book is exhaustive... and details the fascinating interplay between Wall Street and Washington in the eight critical months that brought the financial system to the brink of collapse.... Sorkins reporting chops show.... As a result, readers feel as though theyre in the midst of the action.
BusinessWeek
Too Big to Fail is too good to put down.... Told brilliantly.
The Economist
Sorkins prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. Its an entertaining, brisk book.... In Too Big to Fail, Sorkin skillfully captures the raucous enthusiasm and riotous greed that fueled this rational irrationality.
Paul M. Barrett, The New York Times Book Review
The detail is comprehensive and chilling.
Time
Intimate and engaging.
The New Yorker
Sorkin succeeds in translating a highly complex... series of events into a gripping and intelligible read. Through months of interviews and behind the scenes access, he renders normally stony-faced executives and politicians in three dimensions, affording the reader a rare sense of their real personalities and private conflicts.
Forbes.com
Sorkin has succeeded in writing the book of the crisis, with amazing levels of detail and access.
Reuters
Sorkin has pulled off a rare feat. He has turned more than 500 hours of interviews and documentary evidence... into an engrossing fly-on-the-wall account of one of the most tumultuous years in U.S. history.
Bloomberg.com
The preternaturally ambitious, 32-year-old DealBook editor [Andrew Ross Sorkin] has an insane work ethic in addition to a powerful, high-profile job and a bestselling book. Ever since we read it weve been thinking to ourselves: How can we be more Sorkin-like?
New York Magazine
This crisis has passed, but neither the countrys financial system nor its economy have recovered. [Too Big To Fail] should be required reading for anyone trying to fixor simply understandeither.
Adam Lashinsky, San Francisco Chronicle
This moment-by-moment account of the collapse and rescue of Wall Street reads like a novel, exploring the minds of characters ranging from Lehman Brothers then-CEO Richard Fuld to former Treasury Secretary Henry Paulson.
Lisa Von Ahn, Reuters
The drama of the collapse produced many novelistic moments, but until Sorkins Too Big To Fail, none of the several books offered the drama of such earlier classic Wall Street takedowns as Barbarians At the Gate or Liars Poker. Sorkins book... is a phenom. An absolute tour de force.
Robert Kuttner, The American Prospect
Gives the reader a front-row view into the day-to-day decisions made by the nations top bankers and government officials.... Sorkins book reads like a Dan Brown thriller.
The Free Lance-Star (Fredericksburg)
As close to a definitive account as we are likely to get.
Dominic Lawson, The Sunday Times (London)
Surpassed its rivals with its depth, range of reporting, and high quality analysis.
Stefan Stern, Financial Times (London)
The most readable and exciting report of the events surrounding the Lehman collapse that we have seen... impeccably sourced.
Edmund Conway, Daily Telegraph (London)
He has done a remarkable job in producing a lively account that will be hard for subsequent authors to beat.
Gillian Tett, Financial Times (London)
The sense of being in the meeting rooms as hitherto all-conquering alpha male egos fight for their reputations, as their and our world judders, is palpable.
Chris Blackhurst, London Evening Standard
A superbly researched and sobering take on the events surrounding the meltdown on Wall Street.
Sam Mendes
Compelling, novelistic, and enormously thorough account.
Alison Roberts, London Evening Standard
ABOUT THE AUTHOR
Andrew Ross Sorkin is the award-winning chief mergers and acquisitions reporter and columnist for the New York Times. He is also the editor and founder of DealBook, an online daily financial report. He has twice won a Gerald Loeb Award, one of the highest honors in business journalism; once for breaking news and and a second time for authoring Too Big to Fail. The World Economic Forum named him a Young Global Leader and he was added to The Directorship 100, recognizing the nations most influential people on corporate boardrooms. Too Big to Fail has been on the hardcover bestseller list for more than twenty-three weeks.
To my parents, Joan and Larry, and my loving wife, Pilar
Size, we are told, is not a crime. But size may, at least, become noxious by reason of the means through which it was attained or the uses to which it is put.
Louis Brandeis, Other Peoples Money: And How the Bankers Use It, 1913
AUTHORS NOTE
This book is the product of more than five hundred hours of interviews with more than two hundred individuals who participated directly in the events surrounding the financial crisis. These individuals include Wall Street chief executives, board members, management teams, current and former U.S. government officials, foreign government officials, bankers, lawyers, accountants, consultants, and other advisers. Many of these individuals shared documentary evidence, including contemporaneous notes, e-mails, tape recordings, internal presentations, draft filings, scripts, calendars, call logs, billing time sheets, and expense reports that provided the basis for much of the detail in this book. They also spent hours painstakingly recalling the conversations and details of various meetings, many of which were considered privileged and confidential.