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 The New York Times’s chief mergers and acquisitions reporter and a columnist. Mr. Sorkin is also the editor of DealBook (nytimes.com/dealbook), an online daily financial report he started in 2001. In addition, Sorkin is an assistant editor of business and finance news, helping guide and shape the paper’s coverage.
Too Big to Fail: How Wall Street and Washington Fought to Save the Financial System — and Themselves is Sorkin’s first book.
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, one of the highest honors 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. In 2008 and 2009, Vanity Fair named him to its “Next Establishment” list. He was also named to the Directorship 100, a list of the most influential people on the nation’s board of directors. He is a term member of the Council on Foreign Relations.
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.