You have heard this mandate countless times, but this time it is for real: If you read one book this year, read Too Big to Fail by Andrew R. Sorkin. A New York Times journalist, Mr. Sorkin documents most of 2008. He begins with the collapse of Bear-Stearns and he ends with the U. S. Congress passing the Troubled Asset Relief Program (TARP) and the financial apparatus accepting the program.
Mr. Sorkin makes little attempt to analyze the events; instead he documents them, and herein resides the strength of his effort. The book indicates just how close to a complete global economic collapse we came. Even careful observers during the crisis might not know the reasons Lehman failed or why AIG was rescued. Mr. Sorkin delivers a valuable record of behavior surrounding these actions.
Additionally, Mr. Sorkin provides detailed biographical information about the primary protagonists that humanizes them and delineates their intertwined careers. Actually, because he relies heavily on quoted conversations between the protagonists, listening to the audio book is recommended. The admirable narrator, William Hughes, delivers a compelling performance. The particulars of the pacing and inflections might not be completely accurate, but Mr. Hughes likely comes pretty close. Listening to the panic in the Wall Street Wizards' voices is priceless and knowing that Secretary Paulson was prone to vomiting during the height of stress thrills the soul.
The author's massive tome is less than comprehensive because the commodity bubble, Presidential campaign, and the international CDO trade are barely mentioned. Indeed, no single book could document and analyze the American descent, let alone the global implications. Other accounts of the same period will be illuminating, such as Secretary Paulson's On the Brink or Joseph Tibman's The Murder of Lehman Brothers, in order to see confirmation, denial, or reassessment of Mr. Sorkin's data.
A. Wilson is a budding entrepreneur who enjoys fishing and football.
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