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Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves Paperback – Illustrated, September 7, 2010

by Andrew Ross Sorkin (Author)
4.5 4.5 out of 5 stars 2,667 ratings
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Includes a new afterword to mark the 10th anniversary of the financial crisis

The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film

“Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist

In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country's most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.
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  1. Print length
    640 pages
  2. Language
    English
  3. Publisher
    Penguin Books
  4. Publication date
    September 7, 2010
  5. Dimensions
    5.45 x 1.35 x 8.4 inches
  6. ISBN-10
    9780143118244
  7. ISBN-13
    978-0143118244
  8. See all details
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  1. But in 1999, under pressure from the Clinton administration, Fannie and Freddie began underwriting subprime mortgages.
    Highlighted by 734 Kindle readers
  2. You had to kill rumors. Let them live, and they became self-fulfilling prophecies.
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Editorial Reviews

Review

“Comprehensive and chilling.”
—Time

“. . . His action scenes are intimate and engaging.” 
—The New Yorker

“Sorkin’s prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It’s an entertaining book, brisk book . . . Sorkin skillfully captures the raucous enthusiasm and riotous greed that fueled this rational irrationality.”
—The New York Times Book Review

“Brings the drama alive with unusual inside access and compelling detail . . . A deeply researched account of the financial meltdown."
—BusinessWeek

“Meticulously researched . . . told brilliantly. Other blow-by-blow accounts are in the works. It is hard to imagine them being this riveting.”
—The Economist

“Sorkin’s densely detailed and astonishing narrative of the epic financial crisis of 2008 is an extraordinary achievement that will be hard to surpass as the definitive account . . . as a dramatic close-up, his book is hard to beat.”
—Financial Times

“Sorkin’s book, like its author, is a phenom . . . an absolute tour de force.”
—The American Prospect

“Andrew Ross Sorkin pens what may be the definitive history of the banking crisis.”
—The Atlantic Monthly

“Andrew Ross Sorkin has written a fascinating, scene-by-scene saga of the eyeless trying to march the clueless through Great Depression II.”
—Tom Wolfe

“Sorkin has succeeded in writing the book of the crisis, with amazing levels of detail and access.”
—Reuters

“Sorkin can write. His storytelling makes Liar’s Poker look like a children’s book.”
—SNL Financial

About the Author

Andrew Ross Sorkin is the award-winning chief mergers and acquisitions reporter for The New York Times, a columnist, and assistant editor of business and finance news. He is also the editor and founder of DealBook, an online daily financial report. He has won a Gerald Loeb Award, the highest honor in business journalism, and a Society of American Business Editors and Writers Award. In 2007, the World Economic Forum named him a Young Global Leader.

Product details

  • ASIN ‏ : ‎ 0143118242
  • Publisher ‏ : ‎ Penguin Books; Updated edition (September 7, 2010)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 640 pages
  • ISBN-10 ‏ : ‎ 9780143118244
  • ISBN-13 ‏ : ‎ 978-0143118244
  • Item Weight ‏ : ‎ 1.25 pounds
  • Dimensions ‏ : ‎ 5.45 x 1.35 x 8.4 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 2,667 ratings

About the author

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Andrew Ross Sorkin

Andrew Ross Sorkin

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Andrew Ross Sorkin is The New York Times's chief mergers and acquisitions reporter and a columnist. Mr. Sorkin, a leading voice about Wall Street and corporate America, is also the editor of DealBook, an online daily financial report he started in 2001. In addition, Mr. Sorkin is an assistant editor of business and finance news, helping guide and shape the paper's coverage.

Mr. Sorkin, who has appeared on NBC's "Today" show and on "Charlie Rose" on PBS, is a frequent guest host of CNBC's "Squawk Box." He won a Gerald Loeb Award, the highest honor in business journalism, in 2004 for breaking news. He also won a Society of American Business Editors and Writers Award for breaking news in 2005 and again in 2006. In 2007, the World Economic Forum named him a Young Global Leader.

Mr. Sorkin began writing for The Times in 1995 under unusual circumstances: he hadn't yet graduated from high school.

Customer reviews

4.5 out of 5 stars
2,667 global ratings

Customers say

Customers find the book accurate, credible, and painstakingly reported. They praise the author's writing as engaging, well-thought-out, and superbly researched. Readers describe the book as a page-turner and entertaining. They find the narrative fascinating and true. Customers appreciate the depth and intelligence of the analysis. Opinions are mixed on the pacing, with some finding it fast-paced and riveting, while others say it's at times slow and cumbersome.

AI-generated from the text of customer reviews

Select to learn more
ReadabilityInformation qualityNarrative qualityAuthor qualityAccuracyDetailPacingCharacter development
155 customers mention "Readability"144 positive11 negative

Customers find the book highly worth reading, entertaining, and eye-opening. They say it's an excellent read and worth the effort.

"...this latest addition to the series is a book that was nearly impossible to put down. Andrew Ross Sorkin's Too Big to Fail put an end to that...." Read more

"...Too Big to Fail” is actually quite a page-turner. Sorkin tells his story in a crisp, fast-paced narrative style that’s never boring...." Read more

"...relevant and both an insightful and (perhaps surprisingly) entertaining read." Read more

"...This is a very eye-opening book. It helps to give a background to what led up to the economic crisis we are in today and why we got to where we are...." Read more

118 customers mention "Information quality"108 positive10 negative

Customers find the information quality of the book to be good. They say it's well-researched, insightful, and informative. Readers also appreciate the depth and intelligence of the analysis. They mention the book offers a good sense of how top people in the industry operate.

"...His research is comprehensive and his list of sources unmatched...." Read more

"...He makes highly complex financial matters easy to understand by explaining them with a minimum of technical jargon...." Read more

"...these sorts of accounts that I believe Sorkin's book to be hugely relevant and both an insightful and (perhaps surprisingly) entertaining read." Read more

"...This is a very eye-opening book. It helps to give a background to what led up to the economic crisis we are in today and why we got to where we are...." Read more

47 customers mention "Narrative quality"45 positive2 negative

Customers find the narrative quality of the book great. They say it's a fascinating inside story of the crash of 2008. Readers also appreciate the chronological retelling of the financial crisis from 2007-2009. They describe the tale as true and an excellent human story.

"...It’s a compelling narrative that tells the story of how the nation’s largest and most prestigious financial institutions came to the brink of..." Read more

"...What Andrew Ross Sorkin delivers is a meticulously researched chronology of events...." Read more

"...The book provides a fascinating account of monumental events and human drama and does it so masterfully that it reads like few action novels can..." Read more

"...It now is eight years past the 2008 crash, but this is still a fascinating story and tells a lot about the mindset of Wall Street that we should..." Read more

12 customers mention "Author quality"12 positive0 negative

Customers find the writing engaging, well-thought-out, and informative. They also say the book is superbly researched and takes them on a journey through the hidden side of the financial collapse. Readers also mention the author is a good PR flack and the approach is good.

"...Dick Fuld, Chris Flowers, and Erin Callan, among others – are unbiased, allowing readers to form their own judgments about them...." Read more

"I just completed this book and I felt it was a nice, long read...." Read more

"...True to form, it's a work of chirpy upbeat morality, played on a piccolo trumpet ("Penny Lane") with better-drawn characters than most..." Read more

"...Not many theories inside here. but full of humanity. and how people interact among companies and between the private sector and the government...." Read more

11 customers mention "Accuracy"11 positive0 negative

Customers find the writing compelling and the reporting painstakingly accurate. They say the book tells the story event by event, with minute-by-minute situations and scenarios. Readers appreciate the easy to follow timeline of the financial crisis.

"...I work in this industry, and I was impressed with the accuracy of the descriptions in the book...." Read more

"...He tells the story event by event, and I found myself staying up late at night to read the next chapter(s)...." Read more

"...The author's conclusions are thought-provoking and tie all the events together nicely. All in all a good read." Read more

"...respect for the author's ability to collect and carefully organize so much interview data, and also for his apparent unwillingness to mince words...." Read more

26 customers mention "Detail"9 positive17 negative

Customers have mixed opinions about the detail of the book. Some mention it's easy to comprehend, good at simplifying, and complex. Others say the author has a way of making simple things appear complex.

"...He focuses on trivial details, delivers the story in a superficial way, and does weird things like putting italicized thoughts in past tense...." Read more

"Sorkin clearly researched well. This book is full of the most insignificant details and does a great job capturing the intensity of the major..." Read more

"...ways, that's part of the point of it all- it's all a little too complicated to keep in check...." Read more

"...On top of that, there was very little explanation of anything that underlay the crisis - very little on the sub prime mortgage market; very little..." Read more

18 customers mention "Pacing"12 positive6 negative

Customers have mixed opinions about the pacing of the book. Some mention it's fast-paced and page-turning, while others say it'll be slow and cumbersome at times. They also mention the flow of information and timing of information is inconsistent.

"...is a book to get a play by play of what was happening and it reads fast and furious. It is not an analysis but rather a play by play account...." Read more

"...I did get that book but the flow of information and timing of information was inconsistent. The flow of information was similar to an EKG...." Read more

"...All in all a gripping, informative read that remains very timely even half a dozen years later." Read more

"...It is so fast-paced and page-turning, that I had forgotten, when I first read it, that I wasn't reading a novel...." Read more

10 customers mention "Character development"6 positive4 negative

Customers have mixed opinions about the character development in the book. Some mention it brings the characters to life, describing them well, and putting a human side to the people involved. However, others say the cast of characters is huge and the book is hard to follow.

"...and this book not only confirms my belief but also shows all the entities and characters, not to mention their motivations of same that sent our..." Read more

"...incompetence is (of course) in Fuld's blind spot, is barely developed as a character, though Sorkin can't resist dropping in juicy gossip about the..." Read more

"...But the book was well written and revealed much about the persons involved. It was that which interested me most in the end...." Read more

"...I could think of of this book is that there are way too many characters to keep track of...." Read more

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Top reviews from the United States

David L. Bahnsen
5.0 out of 5 stars Too Big to Fail is too Good to Skip
Reviewed in the United States on December 28, 2009
Verified Purchase
The litany of books on the 2008 economic crisis covers a lot of ground. There are a plethora of good books that have come out thus far (and plenty of bad ones). My reading has already taken me through some books that I find dangerous in their ideology, but also some that are remarkably astute. What I have not come across until this latest addition to the series is a book that was nearly impossible to put down. Andrew Ross Sorkin's Too Big to Fail put an end to that. While I have over a dozen books to complete still in this project, and am backed up more than that with books I have completed but not yet reviewed, I can safely say that no book will prove to be as much fun to read as Sorkin's. I recommend it for any reader who has the ability to take down over 500 pages of a brilliantly-written suspense thriller.

Sorkin's book does something that very few books written about the crisis will be able to do: It narrates a series of events with virtually no ideology or partisanship whatsoever. I can honestly say that after finishing the book I still had no idea what Sorkin believes about the TARP bill, the nature of Wall Street, the role of lawmakers in causing the collapse, the merit (or lack thereof) of the Federal Reserve's response to the crisis, etc. Sorkin tells the story of the events leading up to, and immediately following, last September's week from hell (the week that included the bankruptcy filing of Lehman Brothers, the government bailout of AIG, and the emergency sale of Merrill Lynch to Bank of America). Intertwined with the narratives of that fateful week, Sorkin incorporates extensive biographies of the lead characters including Henry Paulson, Tim Geithner, Richard Fuld, Ken Lewis, Jamie Dimon, Lloyd Blankfein, and many others. By the time I was done with the book I felt like I knew the characters personally. His research is comprehensive and his list of sources unmatched. No major character in this story has come forward to deny his version of any of the major stories. Whether someone is a hopeless obsessive of these events (like me) or not, the book is wildly entertaining, completely fascinating, and extremely well-told.

I do have to interact with the events described in this book at some point, and I intend to do so in greater detail when my review series is complete. I do not accept any version of the 2008 catastrophe that either totally villainizes Henry Paulson, or totally vindicates him. My interest in this review series is ideological: I believe that the Libertarian-anarchist crowd, and even more disturbingly the Keynesian-leftist crowd, have axes to grind in their portrayal of the crisis that must not be left unaddressed. Sorkin's book does not pose any such problems. The complex issues he addresses require an economic thinker like myself to formulate opinions, but he does so without poisoning the well. I did not complete this behemoth book with any more clarity about the propriety of TARP, the role of short sellers in the financial crisis, or the moral hazard embedded in much of Uncle Sam's reaction to the crisis. But what I did get out of reading this is an incredible amount of color on all the aforementioned issues (and others) that I desperately needed. The proper ideological commentary on September of 2008 is coming, but in the meantime, kudos to Andrew Ross Sorking for not attempting to provide that commentary, and instead providing me 550 pages of reading bliss.
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Mike Powers
5.0 out of 5 stars “Too Big to Fail:” Andrew Ross Sorkin’s compelling tale of how America narrowly avoided financial catastrophe… for now.
Reviewed in the United States on June 13, 2016
Verified Purchase
“Too Big to Fail” is an altogether excellent book by financial journalist Andrew Ross Sorkin. It’s a compelling narrative that tells the story of how the nation’s largest and most prestigious financial institutions came to the brink of collapse – and almost took the entire economy with them – in the great economic crisis of 2008.

According to Sorkin, the financial downturn that occurred in the summer of 2008 was actually years in the making. Many of the nation’s greatest investment banks, along with their commercial bank counterparts, had been busily dealing in high-risk subprime mortgages for years. As long as demand for housing remained high, so did housing prices; however, when massive numbers of people began defaulting on mortgages they could no longer afford, the housing market suddenly crashed, credit froze up, and banks began to fail…

…Thus begins the story of America’s economic meltdown in the late summer and early autumn of 2008. With the collapse of the housing markets, many of America’s oldest and greatest investment banks – among them Bear Stearns, Lehman Brothers, and Morgan Stanley – also find themselves threatened by total failure. So do commercial banks like Citigroup, Wachovia, and Bank of America; insurance companies like AIG; and the two government sponsored mortgage guarantors (Fannie Mae and Freddie Mac). Now, U.S. Treasury Secretary Hank Paulson, New York Federal Reserve Bank President Timothy Geithner, Congress, and other government regulators must find a way to save these financial institutions from ruin. If they don’t, America faces the very real possibility that its entire economic system may collapse…

I read “Too Big to Fail” not long after watching the HBO movie upon which it’s based. I was actually very impressed by how well written this book is. Andrew Ross Sorkin is a highly knowledgeable financial journalist who is also a very gifted storyteller. He writes with prose that is both clear and concise. He makes highly complex financial matters easy to understand by explaining them with a minimum of technical jargon. His portraits of the key players in the drama – Hank Paulson, Tim Geithner, Dick Fuld, Chris Flowers, and Erin Callan, among others – are unbiased, allowing readers to form their own judgments about them. Best of all, Sorkin avoids making “Too Big to Fail” a political treatise, focusing instead on the efforts of government officials and Wall Street executives to bring the nation back from the precipice of financial disaster.

“Too Big to Fail” is actually quite a page-turner. Sorkin tells his story in a crisp, fast-paced narrative style that’s never boring. Overall, I found it a very enjoyable and informative reading experience. Highly recommended.
50 people found this helpful
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Top reviews from other countries

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Leandro Santana de Oliveira
5.0 out of 5 stars Too Big to Fail - Andrew Ross Sorkin
Reviewed in Brazil on December 28, 2023
Verified Purchase
O cenário deste livro é a grande crise financeira de 2008. O período coberto vai do resgate do Bear Stearns à assinatura do TARP
(Troubled Asset Relief Program ou Programa de Alívio de Ativos Problemáticos) pelos nove maiores bancos americanos, passando pela malfadada quebra do Lehman Brothers.

Ao longo das páginas são reconstruídos diálogos dos bastidores da crise, dia a dia. Os personagens principais são Hank Paulson, secretário do tesouro; Ben Bernanke, presidente do FED; Tim Geithner, presidente do FED NY e posteriormente secretário do tesouro no governo Obama; os CEOs de JP Morgan, Goldman Sachs, Lehman Brothers, Citigroup, entre outros.

O título do livro retrata o grande dilema de toda crise financeira: existem empresas grandes demais para quebrar? A pergunta permanece sem resposta, pois a quebra do Lehman Brothers é considerada o maior erro da equipe econômica de Bush.

Mas uma conclusão é muito clara: o mercado não se corrige sozinho. A prova: o governo republicano de George Bush foi obrigado a injetar 1 trilhão de dólares na economia para salvar o sistema financeiro. A título de exemplo, o governo americano chegou a deter 36% do Citigroup. Literalmente houve estatização dos maiores bancos da maior economia do mundo.

Naturalmente, que uma economia estatizada também não é a resposta. Encontrar o equilíbrio certo é o desafio!
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Rolly0907
5.0 out of 5 stars Read it not only once..
Reviewed in Germany on June 6, 2024
Verified Purchase
A simple truth about big ones.A cookbook for regular mortals
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Ravi Balakrishnan
5.0 out of 5 stars Awesome Book on 2008 financial crisis
Reviewed in India on February 20, 2022
Verified Purchase
If you want an insider account of how things unraveled during the few crisis week - this is "the" book to read. This book covers details on how different things came together to solve the crisis. A little details on the financial jargons (CDO, CDS, etc) would have made it an easy read. However, I spent some pre read on the web to get context. You don't need fundamentals of finance to read the book.
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Oren Ordynans
5.0 out of 5 stars Very Informative and a great read!
Reviewed in Canada on September 4, 2020
Verified Purchase
2008 was a difficult time for the United States economy. This book explains how the 2008 financial crisis in the United States had a tragic yet devastating impact on the share values and investments of both America's most reliable financial institutions such as Goldman Sachs and Lehman Brothers. Once these major financial institutions shut down, some of the biggest corporate shareholders walked away with big bonuses in their pockets and this was not fair to the millions of Americans who had lost their jobs and their homes once the housing bubble had burst. The $700 billion TARP plan developed by the Bush administration did not set any precedent for how financial corporations could get relief that could prevent them from going into bankruptcy nor did the government bailouts that the federal reserve recommended the administration to enforce provide as much solvency or stability to America's financial sector.
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Cliente de Kindle
5.0 out of 5 stars Excellent account on the aftermath of the subprime crisis
Reviewed in Mexico on March 16, 2020
Verified Purchase
I find this an unbiased and very detailed account on the actions taken after the subprime crisis by the U.S. government and the top players in Wall Street.
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