Too Big to Fail: What Really Happened

Andrew Ross Sorkin's new book gives a behind-the-scenes look at the financial crisis. He tells Jill Schlesinger what he found, and what it means for us now.

Category:

News & Politics

Tags:

• Financial Crisis
• MoneyWatch
• Andrew Ross Sorkin
• Financial Accounting
• Finance
• Jill Schlesinger
• Too Big to Fail
• Lehman Brot

[ladijosh18]

the scariest part of this movie is what the the russians suggested the chinese do with american bonds....

[jtizz711]

Every company has the right to succeed therefore it should have the right to fail. Preventing them from failing is socialism of the rich. Stop the propaganda

[sinusbradycardia]

@jtizz711 I agree with you. One thing of interest, I would not have had a job had the government not stepped in with GM. I had to take a 20% pay cut 09, but nonetheless I was still employed. I have since left that company, because a high percentage of its business was with GM. Too much, the diversity wasn't there.

[spanischekompaniess]

maldita escoria alienigena te cojo y te bateo la cara hijo de puta puta escoria

[pretorious700]

Fractional reserve lending completely out of control is the root of the whole problem. The banks could leverage basically to infinity, so guess what -THEY DID! Of course, it's easier to do this when you know the equally corrupt US government will bail them out on the taxpayers' backs.

[pretorious700]

@motoguy3 lol, "tremendous flaws", I'd say that is an insider's understatement. The whole structure is corrupt and needs to go away.

[tripletmomRN]

Then again, our government scratches its head after it gives billions to banks but it doesn't help anybody but the banks.

Stop the crony-capitalism and our corrupt government from destroying our country already!! The federal government caused the bubble and the subsequent economic collapse, and then their meddling made it worse!!!!

[tripletmomRN]

According to his movie "Too Big To Fail" - The government (Paulsen/Geithner) essentially bullied the bank CEO's to accept the bailout!! Now people are blaming the bank CEO's for that stupid bailout?!?! Hmmm, first the government pushes banks toward 100% lending, scratches their head when they make bad loans and repackage those bad loans and sell them off and leads to a housing bubble, then forces those failing banks to accept billions of taxpayers dollars.

[KungFuQueenie]

I'm in the middle of a battle with Citibank for taking advantage of my mother (this is known as "Elder Abuse" in some places). When my mother was 85-years-old, & in the early stages of dementia, unbeknownst to me, she'd overdrawn on her checking account. At 26.25% interest, the amount grew to $4,505.80! Her "trusted" personal banker talked her into taking out a HELOC, for $10,000, for 30 years, with a 3-year prepayment penalty. The banker was also the Notary on the loan. Conflict of interest.

[motoguy3]

The evidence of that can be seen when we look at the events that took place between 2007 and 2009 from an industry standpoint. Again, very surface level here, but you can see that the first thing to suffer what the housing sector. The real estate industry. The devastation of their collapse rolled through the banking sector. The financial industry. Which rolled through the credit sector. The paper market industry. Which rolled through the car manufacturers. The auto industry. Etc., etc.

[motoguy3]

@DanMcCaffrey and @MacBubbles Exactly. And, that, unfortunately, is what most people don't understand. I'm not saying the way our financial system is structured is correct, at all. Quite the contrary.  I feel there are tremendous flaws in our financial system. However, that still does not negate the fact that the major economies around the world are all linked together. One fails, then it won't be long before the others begin to follow.