It was a new generation of wealth that hadn’t been seen since the 1980s. In order of size, Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns were the “Big Five”: the five investment banks that, in 2006, reported profits totalling $265 billion. Trillions of dollars in wealth had vanished and the financial landscape was entirely reconfigured, destroying the idea of a new era of low-risk profits and that American-style finance engineering was the global gold standard. In less than eighteen months, Wall Street went from celebrating its golden age, to the brink of a major disaster. The Lehman Brothers’ collapse sent shockwaves around the world and triggered a crash across the whole of the investment banking sector. Lehman’s debt exposure amounted to $613 billion when, on the 15th of September, it filed for Chapter 11, a provision of US bankruptcy law that allows firms to reorganise after a major financial failure. In 2008, the financial giant, Lehman Brothers, declared bankruptcy. With Too Big to Fail, Andrew Ross Sorkin has broken the Barbarians curse. Surpassed its rivals with its depth, range of reporting and high quality analysis Stefan Stern, FTĪ superbly researched and sobering take on the events surrounding the meltdown on Wall Street Sam Mendes The sense of being in the meeting rooms as hitherto all-conquering alpha male egos fight for their reputations, as their and our world judders, is palpable Chris Blackhurst, Evening Standard impeccably sourced Edmund Conway, Daily Telegraph The most readable and exciting report of the events surrounding the Lehman collapse that we have seen. His storytelling makes Liar's Poker look like a children's book SNL Financial It is hard to imagine them being this riveting Economist It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly. Sorkin has succeeded in writing the book of the crisis, with amazing levels of detail and access Reuters He has done a remarkable job in producing a lively account that will be hard for subsequent authors to beat Gillian Tett, FTĪs close to a definitive account as we are likely to get Dominic Lawson, Sunday TimesĪndrew Ross Sorkin has written a fascinating, scene-by-scene saga of the eyeless trying to march the clueless through Great Depression II Tom WolfeĪndrew Ross Sorkin pens what may be the definitive history of the banking crisis The Atlantic Monthly
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