Paul Mason, economics editor of BBC2’s “Newsnight” and author of Meltdown: the End of the Age of Greed, reviews Andrew Ross Sorkin’s account of the economic crisis from Wall Street’s perspective Too Big to Fail: Inside the Battle to Save Wall Street:
“In a world based on friendship and networks of personal obligation, the real shock came when the backslapping turned to backstabbing. Sorkin’s book is superb in the way it presents the critical moments of a modern financial crisis as points at which networks of influence fell apart. As real-world economic forces intrude into Fuld’s personal universe, you can feel the confusion spread across the network, to politicians, regulators and stock-picking TV journalists… In the end, everybody grin-fucked everybody else, and the state had to bail out free-market finance. Sorkin describes how there had been a contingency plan to do exactly this, commissioned by Paulson as early as April 2008. The final part of the book tells the story of how that plan was thrown out by Congress, unleashing the systemic global banking crisis of early October 2008.”
Read the full review here.