Several banks, including Bank of America, JP Morgan, Goldman Sachs, Merrill Lynch, and Barclays, gathered on September 12, 2008, at the Federal Reserve in New York to try to come up with a solution to save Lehman.Īndrew Ross Sorkin (born February 19, 1977) is an American journalist and author. The bank also requested financial support from the government. Lehman also made an effort to contact the Korea Development Bank for financial support. Lehman first asked Warren Buffett for financial support in the range of $30–$50 billion. The author describes how Lehman suffered from disastrous investments in the subprime mortgage market, which ultimately led to its insolvency and the loss of investor confidence. In September 2008, something similar happened to Lehman Brothers, one of the first five American financial banks. The Federal Reserve sold support to the failing Bear Stern to JP Morgan in May 2008. The broadest and most extensive government intervention in economic policy in history is being implemented by the United States. Bear Stern discovered the bank had an excessive amount of hazardous assets and was unable to pay its liabilities. One of the biggest American banks, Bear Stern, failing is where it all began. Importantly, he looked at how the financial markets responded to Lehman Brothers' bankruptcy. This book focuses on the weekend of September 15, 2012, events that led to the failure of the investment firm Lehman Brothers, the sale of Merrill Lynch by Bank of America, the nationalisation of Freddie Mac and Fannie Mae, and the government's acquisition of 80% of AIG. Genre - Finance, Business, Non-fiction, Economics It was published on October 20, 2009.īook name - Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System-and Themselves
The nonfiction book Too Big to Fail by Andrew Ross Sorkin, also known as Too Big to Fail: Inside the Battle to Save Wall Street, recounts the events of the 2008 financial crisis and the downfall of Lehman Brothers from the viewpoint of Wall Street CEOs and US government regulators.
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