Summary of Too Big to Fail
The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis – and Lost
Expert, step-by-step examination of how Paulson, Geithner, Dimon and Fuld navigated the collapse of 2008.
The ever-growing pile of books about the Great Recession holds two kinds of tomes: those that pontificate about what went wrong and what should change, and those that detail the minute-by-minute action in the boardrooms of Wall Street and Washington. This book is the second kind. New York Times reporter Andrew Ross Sorkin, who gained access to many high-level financial players, provides an ambitious, remarkably detailed account of the collapse and bailouts of 2008. He accomplishes two noteworthy feats: He digs up information that wasn’t widely known, and he beautifully writes a page-turning yarn. getAbstract recommends his book to investors, policy makers and businesspeople who seek a clear observer’s perspective on Wall Street’s meltdown.
In this summary, you will learn
- Why the U.S. government let Lehman Brothers fail in 2008, but not American International Group (AIG)
- How the bailout process proceeded, starting with AIG
- How U.S. financial officials convinced bankers to take bailout cash
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