Too Big to Fail

Nov 2, 2009

Foreign Policy Association

Andrew Ross Sorkin talked about his book Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves (Viking; October 20, 2009). It is a report on the 2008 financial crisis and the government's response to it. He talked about the process of writing the book and whether lessons .. Read More
Andrew Ross Sorkin talked about his book Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves (Viking; October 20, 2009). It is a report on the 2008 financial crisis and the government's response to it. He talked about the process of writing the book and whether lessons have been learned from the crisis. He responded to questions from members of the audience. Mr. Sorkin spoke at an event held by the Foreign Policy Association on November 2, 2009, 5:30 p.m. at Credit Suisse. Andrew Ross Sorkin is the chief mergers and acquisitions reporter for the New York Times. He is also the founder and editor of the online financial report, "DealBook."

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:11 Unidentified Speaker "NEW YORK TIMES" REPORTER AND COLUMNIST ANREW ROSS SORKIN TALKS ABOUT WHAT YOU A FINANCIAL CRISIS...
00:00:26 Unidentified Speaker I THOUGHT I WOULD SPEND A LITTLE BIT OF TIME TALKING ABOUT THE PROCESS, HOW THIS BOOK WAS CREATED...
00:23:42 Unidentified Speaker TO QUESTIONS. FIRST, HOW IS POSSIBLE, EVEN FROM POINT OF YOUR PROPAGANDA, TO TALK ABOUT SOCIALISM,...
00:24:10 Unidentified Speaker I'M GOING TO ADDRESS MOSCOW FIRST BECAUSE I'M NOT SURE HOW TO ADDRESS THE CAPITALISM QUESTION THAT...
00:30:25 Unidentified Speaker A DEAL BY GOLDMAN SACHS WHEN IT IS BEING MERGED WITH WACHOVIA, THE CEO WAS BONSPIEL WHO WAS A FORMER...
00:33:41 Unidentified Speaker THANK YOU. FOUR YEARS AGO THIS YEAR I JOINED BANKAMERICA, VERY DIFFERENT SCENARIO THAN THE DAYS WHEN...
00:34:15 Unidentified Speaker ABSOLUTELY AND THAT WAS SOMETHING THAT I SPENT A LOT OF TIME ON. MOI SO HERE IS THE SAD PART. I WILL...
00:40:06 Unidentified Speaker MW DID YOU PLAY OUT THE ONE OF SCENARIO APPEARING IN THE MINDS OF THE WHAT IF THEY HAD TAKEN LEHMAN...
00:40:20 Unidentified Speaker THERE TO PIECES OF THIS. I ALWAYS START WITH THE QUESTION WHAT IF THEY HAD LET BEAR STEARNS GO. THAT'S...
00:44:14 Unidentified Speaker IS WALL STREET IN FUNDAMENTALLY DIFFERENT PLACE TODAY THAN IT WAS A YEAR AGO? AND THE SECOND QUESTION....
00:44:22 Unidentified Speaker I CAN ANSWER THAT EASILY KNOW.
00:44:23 Unidentified Speaker WHAT IS YOUR TAKE ON THE WIDESPREAD FEELING THAT WALL STREET HAS BEEN MADE WHOLE WHILE A MAIN STREET...
00:44:36 Unidentified Speaker I FEEL THAT AVERAGE, I HAVE THE SAME -- THE FIRST ANSWER IS NO IN ONE WORD. THE SECOND ANSWER IS I...
00:46:26 Unidentified Speaker TWO FOLLOW-UP ON THAT, IT'S INTERESTING TO HEAR YOU DESCRIBE TIM GEITH AS ONE OF THE HEAVIES IN YOUR...
00:46:42 Unidentified Speaker HEAVY TO BE FAIR -- HEAVY ON THE PHONE WHEN HE WANTS TO PRESS SEVEN TO DO SOMETHING, NOT NECESSARILY...
00:46:52 Unidentified Speaker I GUESS MY POINT IS THAT HE'S VERY MUCH A MOVER OF WHAT'S GOING ON IN YOUR BOOK AS OPPOSED TO IN D.C....
00:47:17 Unidentified Speaker I MISUNDERSTAND --
00:47:20 Unidentified Speaker YOU SEEM TO -- YOU SEEM THAT COMPARED TO YOUR REPORTING WHAT HE WAS DOING HERE AT THE EVENT AS OPPOSED...
00:47:36 Unidentified Speaker ONE NO, LISTEN, AT THE TIME I WOULD TELL YOU THAT THE MOVER, THE ONE WITH TO INFLUENCE WAS HANK PAULSON....
00:48:49 Unidentified Speaker WE CAN TRY TO DO SOME OF THESE AFTER WORDS IN THE BACK.
00:49:03 Unidentified Speaker AND THERE WERE SUPPOSEDLY TOO BIG TO FAIL. OTHER RANDOM WRITES A COLUMN FOR THE NEW YORK TIMES AND...
00:49:21 Unidentified Speaker THE ANSWER TO THAT QUESTION AND AT THIS POINT I THINK IS NO. AND I DON'T LIKE BEING HELD HOSTAGE BY...
00:50:15 Unidentified Speaker THANK YOU VERY MUCH. [APPLAUSE] I HOPE YOU ARE PLEASED WITH THE LECTURES AND NIGHT. AND DON'T FORGET...
00:50:33 Unidentified Speaker ANDREW ROSS SORKIN IS THE CHIEF OF MERGERS AND ACQUISITIONS REPORTER WITH THE NEW YORK TIMES AND ALSO...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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