The non-fiction book that I decided to read over the summer was
Too Big To Fail, written by New York Times reporter Andrew Ross Sorkin. The book was a meticulously detailed insiders report of the collapse of Wall Street. The book was very long and covered a huge amount of information, but there was never a point that I felt un-entertained while reading it. It was like a high speed chase. Rather than a bad guy running from the cops; however, it was Executives and Washington elites frantically racing to inject money into their crumbling facades of stability.
The book does not, like many others of its kind, chastise the industry for frivolous spending of ridiculous sums of money. It rather presented an un-biased telling of the story. I really enjoyed that. It laid out the facts for you, sometimes told the conflicting positions on the issue, and let you decide for yourself which decisions made by the companies were good or bad. Obviously many of them were bad because two huge investment-banking firms completely crumbled to the ground and another, Merrill Lynch, completely changed the way it did business and merged with Bank of America. Over a six month period, three of the five major investment banks disappeared from the industry. This is an ordeal worth writing a book over.
The book introduced a dizzying amount of characters. Luckily, there is an index of characters and which company or government institution they worked for in the front of the book. At the end of the book, however, I felt somewhat of a personal connection with CEOs like Lloyd Blankfein of Goldman Sachs, Dick Fuld of Lehman Brothers, Jamie Dimon of JPMorgan Chase and government men like Hank Paulson and Tim Geithner. The author interviewed many of these peoples wives and families and for many of them told their entire life story. Now you're beginning to realize why this book was almost 600 pages long. Although the book is written from an un-biased point of view, this personification and humanization of the characters really made them seem like alright guys rather than the men who have been blamed for "crashing the world." Dick Fuld, the CEO of Lehman Brothers, the company that was forced into bankruptcy after reigning as the champion of investment banking for nearly six decades, gave a speech to congress which was included towards the end of the book. He described how he will never stop scrutinizing what went on in the last days of his company. He said that he would never live down the events and would never forgive himself for ruining the company that he loved and gave his life to. That's pretty powerful. It put the recession into a new perspective. As a lower-middle class family living far from the world of high finance, we don't see it as such a tragedy that a company thats profits were often in the billions in one year went into bankruptcy. If you put a face on a company like that; however, and see the agony that someone has gone through trying to defend that company, it brings some emotion into view.
This book, however, wasn't just a flouring testimony as to why Wall Street is great and capitalism shall rule the world forever -- far from it. It gave factual descriptions of complex financial products that companies like investment banks and insurance companies were creating. I learned a lot about the world of finance from this book.
My family asked me after I finished the book if I was still interested in entering the often messy world of business and finance. The answer is, without a doubt: yes. This book sparked my interest more than ever. I'm not lying when I say this is my favorite book that I ever read. That statement, to the best of my knowledge, will not earn me any points with the teacher or this assignment. I enjoyed this book a lot. I took it to the beach with me. I took it Europe with me. I even read it once with my friends when I was Devil's Lake. I quite literally couldn't put it down.
So, if you are ever looking for an explanation to the recession explained in an easy to understand way without lots of business mumbo-jumbo in less than 1000 pages, you have yourself a winner right here. I highly suggest
Too Big To Fail to any curious intellectual with a thirst for a non-fiction book with drama, comedy, insight, heart-wrenching stories, hard facts and everything in between.