Too Big to Fail, by Andrew Ross Sorkin, is a 2009 novel that focuses on the events leading up to the demise of the financial industry in September, 2008, and the actions that were taken by the Federal Reserve in the months that followed. Too Big to Fail begins in March, 2008 with the acquisition of Bear Stearns by JP Morgan with the help of the Fed. The novel supports current thinking about the financial crash, and it does so in tremendous detail. As a result, the reader gets an excellent feel for exactly what went down in the months leading up to the crisis, specifically the crash of Lehman Brothers and merger of Merrill Lynch and Bank of America.
Current thinking generally focuses on how the Fed “let Lehman fail”, despite the prestigious firm potentially being “too big to fail.” However, the novel goes in depth about exactly what happened behind closed doors leading up to Monday, September 15th, 2008, when Lehman collapsed. Sorkin supports my broader goal of showcasing a systemic problem with the financial industry as a result of deregulations that took place in the decades before. He highlights the extensive risks investment banks were taking, which enhances my argument.
Sorkin is a renowned journalist who was won many awards over his young career. Working for the New York Times and CNBC’s Squawk Box, he has established a history of credibility and consistency regarding financial reporting. He is a credible source who greatly improved the evidence featured in my White Paper report.
Sorkin, Andrew Ross. Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis–and Themselves. New York: Viking, 2009.