For anyone working in the financial industry, the events that unfolded in 2007/2008 were nothing but extraordinary. During that time, I had just started my first semester in college and barely knew anything about the financial industry. Every day, I would catch the express train and read about another bank either being acquired or going bankrupt. Soon, it wasn’t just banks in US but globally. After reading about all these banks biting the dust, I would dispose of the newspaper and go back to my day as if nothing had happened.
Things are different now. I have worked at a sell side and a buy side and I can’t afford to not know the details of the financial crisis. I knew bits and pieces after reading so many articles over the years but I needed one detailed source that would walk me through all the major events of the crisis. And this is where Too Big To Fail (TBTF) by Andrew Ross Sorkin comes in. TBTF is an amazing book which covers the financial crisis in extraordinary amount of detail. Sorkin does a wonderful job by giving his readers insights into all the meetings that were held at the Fed, Treasury and investment banks by some very powerful people. Sorkin provides his readers with a great opportunity to know the details of the conference calls that were being held to decide whether or not to takeover a bank, whether or not a company needs to declare bankruptcy before market opens the next day, and whether or not Congress will pass a new bill that can potentially put an end to the crisis.