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Michael

Alamo, CA, United States | Member Since 2005

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  • Too Big to Fail

    • UNABRIDGED (21 hrs and 3 mins)
    • By Andrew Ross Sorkin
    • Narrated By William Hughes
    • Whispersync for Voice-ready
    Overall
    (1103)
    Performance
    (466)
    Story
    (470)

    A real-life thriller about the most tumultuous period in America's financial history by an acclaimed New York Times reporter. Andrew Ross Sorkin delivers the first true, behind-the-scenes, moment-by-moment account of how the greatest financial crisis since the Great Depression developed into a global tsunami.

    Laura says: "Surprisingly Revealing"
    "Well Worth a Read"
    Overall

    What distinguishes this book from others about the 2008 financial meltdown is the author's extraordinary access to the high-level government and industry players who were at the center of the drama. The writing style is easy to follow (once you have the names clearly in mind) and flows very well. The picture that emerges is a group of executives and officials trying to improvise remedies for a devastating and unprecedented financial collapse on the fly, under intense time pressures, and with no assurance they would be successful. In the circumstances we can be fortunate things did not go into complete meltdown. It is also abundantly clear that sensible financial reform is a must so that the country does not face a similar crisis in the future.

    The book is mainly useful for understanding the course of events, policy decisions, and mergers that occurred once the scope of the financial meltdown became apparent at the highest levels of the government. It is less useful as a source for understanding the background and business practices that led to the enormous build-up of irresponsible investments in subprime mortgages and their derivatives that were the prime cause of the crisis. For that background, I would suggest Gillian Tett's book (Fool's Gold); A Colossal Failure of Common Sense (dealing with the Lehman collapse); and articles by Michael Lewis.

    4 of 4 people found this review helpful

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