The Foreign Policy Association hosts Andrew Ross Sorkin, the award-winning chief mergers and acquisitions reporter, columnist and assistant editor of business and finance news at The New York Times, to talk about his new book, Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves.
Andrew Ross Sorkin
Andrew Ross Sorkin is co-anchor of "Squawk Box," CNBC's signature morning program. Sorkin is also a financial columnist for The New York Times and the editor-at-large of DealBook, a news site he founded that is published by The Times.
Andrew Ross Sorkin of The New York Times explains the research method behind his book Too Big to Fail, which reconstructs pivotal moments of Wall Street's financial crisis. Sorkin interviewed over 200 industry insiders in order to accurately chronicle the historic collapse.
As we shall soon find out, there is no such thing as too big to fail, only too big to bail out. You can hide the losses by legalizing accounting fraud, which was in fact done last year; but cash-flow catches up with you eventually. When the failure of these instituions is finally recognized, they will have been insolvent for years and will have had time to dig themselves into a bigger hole.
It takes a government to put the great into great depression.