HedgeCo Blogs – I asked Andrew Ross Sorkin: “In hindsight, what is the most important lesson to be learned from the financial crisis?”
“It all comes back to one word: debt.” Sorkin said, “We can blame the financial crisis on a lot of things — misguided housing policy, too-low interest rates, global imbalances, lax regulation, bankers-gone-wild — but in the end, it was a function of an over-leveraged system.”
Andrew Sorkin, the award winning financial reporter for the New York Times, spent over five hundred hours interviewing high net worth individuals, advisers and officials in an effort to capture the full account of the Financial crisis in detail.
In his book: “Too Big To Fail – The inside story on how Wall Street and Washington fought to save the financial system – and themselves”, Sorkin recounts the maelstrom that struck high finance in 2008 in story-like detail.
I can see why it has been on the bestseller list for over 23 weeks. Once revealed, it is hard to look away from the secret life of those in power. “Pay very much attention to the man behind the curtain.”
Sorkin is also the editor and founder of Dealbook, an online daily financial report. He has won a Gerald Loeb Award, been named Young Global Leader by The World Economic Forum and has recently been added to The Directorship 100, which recognizes influential US corporate boardroom members.