Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System–and Themselves is clearly my favorite (for all the wrong reasons — you know economy on the brink of collapse) book in 2010.
Six month later Sorkin’s story of the financial meltdown and shocking background stories that stunned the world still resonate – due to news that Wall Street again is on shaky ground, especially with municipal bonds
Clearly the lack of oversight and Washington’s hands-off approach to Wall Street contributed, yet as Sorkin documents the big investment banks were playing with loose money, morals and an ego the size of Canis Majoris.
Its no wonder the rich get richer and the poor get poorer when you can lose the largest trade in the history of Wall Street and actually keep your job.
With companies like Bear Stearns, Morgan Stanley, Lehman, Freddie Mac, Fannie Mae, and AIG its no wonder George W. Bush was forced to step in and save the country from a nuclear meltdown. I believe Hank Paulson’s book On the Brink: Inside the Race to Stop the Collapse of the Global Financial System tells the tale of the Bush Administration and made it to my top five list too.
With HBO’s recent commitment to make a movie from Sorkin’s book it ensures many more will be reading this in 2011.
Author’s website
Tags: Andrew Ross Sorkin, Too Big to Fail, Bear Stearns, Wall Street, Morgan Stanley, Lehman, Freddie Mac, Fannie Mae, recession, AIG, trends