Feb 2, 2010
Too Big to Fail

Andrew Ross Sorkin’s Too Big To Fail is the Wall Street Book of the Moment, capturing the recession zeitgeist as surely as Barbarians at the Gate caught the go-go ’80s wave of corporate takeovers in a steroid-pumped bull market. Sorkin’s narrative is incredibly complex, reconfiguring the economic crisis as a kind of white-collar version of The Wire, with a dizzying array of various forces (investment banks like Goldman and Lehman, government agencies like Treasury and the Fed, and companies like Fannie Mae that sit uneasily between the two) all racing to avoid an economic apocalypse, like Norse gods trying desperately to stall Ragnarok. There are juicy details (like the CEO with a daily helicopter commute) and fascinating character studies (like the slow-burn corrosion of Lehman Brothers’ Dick Fuld, whose manic descent into paranoia is a King Lear narrative for our time), but more fascinating is the portrait of dozens of brilliant minds and trillions of dollars wrestling with disaster so all-encompassing it begins to seem existential. Too Big To Fail doesn’t necessarily make the economic crisis easier to understand, but it does leave the reader with a cold-comfort bit of wisdom: the people who were supposed to anticipate the crisis don’t understand it, either. – Darren Franich


