So this manicure isn’t exactly subtle, but then again, neither was the wholesale grifting and complete abdication of fiduciary duty by the wankers of Wall Street and the ghouls of government that led to the 2008 collapse of the American financial system, the narrative retelling of which, Too Big to Fail by Aaron Ross Sorkin, is the inspiration for these nails.
Some months on, I’ve no idea why I chose this book to satisfy the theme of historical fiction in my friends’ reading challenge. A decade removed from the events that shook the financial industry to its core (without un-mooring it, heavens no, because see above re: the title) it can now fairly be classified as a historical work, and the structure of the book (a fleshed-out retelling of the ultimately fruitless attempts by the best and, um, brightest of the industry to circumvent a financial atom bomb, culled from thousands of hours of journalistic work and reassembled into a spritely narrative) satisfies the fictional aspect, although the entire thing is still appallingly, maddeningly rooted in real life baddies doing bad things and being richly rewarded for it. It was an incredibly frustrating read.
But also a GREAT read. Presented as a sort of in-the-moment recounting of the events that immediately preceded the $700 billion bailout of the financial system by the American taxpayers, Sorkin introduces the key players and the massive web of conflicts of interest that should have disqualified every single one of them from participating in the PATRIOTIC RESCUE OF THE AMERICAN FINANCIAL SYSTEM, let alone give them a seat at the table where they were allowed to drive actual legislation and policy. It was, after all, their greed, their wanton disregard for the rules and their disdainful, near-criminal immorality that led in large part – the largest part – to the collapse and subsequent bailout of the system.
After gathering the cast of fools (the description of these men – they’re nearly all men, 35 to 65 years of age – reads like WASP Mad Libs: Raised in (Vermont/New York City/Washington/Connecticut), educated at (Harvard/Yale), handed a cushy internship straight out of college by (grandfather/father/uncle/other male mentor), CEO within five years (of some big banking concern, doesn’t really matter which one, lining those three letters up behind the Esquires in their name is really all they care about), divorce within 10, lather, rinse, repeat with a new company, a new wife) Sorkin attempts to lay out the labyrinthine, grossly leveraged financial system as it existed in the mid-aughts.
It’s here that Sorkin really shows his work, breaking free from the buzzwords, jargon and purposefully obfuscating technical terms to expose a deeply flawed, virtually incomprehensible system that even the major players were loathe to understand. Sorkin doesn’t concern himself too much with apportioning blame for the state of the industry pre-bailout; nobody knew what they were talking about, everyone quite willingly kept themselves in the dark, and no one was willing to comprehend of a future in which they weren’t making billions of golden parachute’d dollars hand over fist. By the end of the book I had a slightly better understanding of the situation, but I’m still utterly clueless as to how things got to a state where the only reasonable course correction was to funnel a trillion dollars of taxpayer funds into the financial system to save those businesses (just a handful of ultra powerful banks, lenders and brokerage houses) deemed worthy.
The bulk of the book deals with the final frantic week leading up to the bailout in which the mettle of these titans of financial industry is put to the test when the feds summon them all to non-optional emergency meetings to
save themselves SAVE THE AMERICAN FINANCIAL SYSTEM. That this doesn’t go the way the government had hoped is hardly surprising – with virtually no oversight to the process (an actual directive from the secretary treasurer, himself a former executive of Goldman Sachs, was to gather all of the major players in one room and simply tell them to “just fix it”) the financial types just broke off into little groups to advocate for their own best interests, civic duties be damned. Also because they had no effin’ clue what they were doing.
Sorkin does a rather incredible job at not explicitly highlighting the many and varied shortcomings of the people involved in this process. He actually doesn’t need to – the craven ghouls haunting this tale are quite visible, and Sorkin exposes them for what they are, no hyperbole necessary. I did chuckle a few times at his flattering descriptions of these men – “a hale and hearty 65; boyish good looks that belied his 50 years; a penis the length and width of a fire log” (joking about that last one.) It’s actually a very smart journalistic gambit – you’re a better bee for using honey rather than the stinger, and it can’t hurt to sweeten up your sources a bit, especially when they’re as fragile as these ones.
Which was my real, genuine aggravation with this entire situation – that “fixing” the entire global economy had been handed to a lot of weak, ludicrously privileged, upwardly failing asshats I wouldn’t trust to deposit my paycheque. These were (and are – mergers may have changed the legal names of these businesses, but the players are the same) dim, shallow, crassly selfish people whose only real talent was smoke and mirrors. I took a lot of schadenfreude-laced joy in the many passages of self-important CEOs being denied audience with other self-important CEOs, phone calls between self-impressed jerkoffs apparently being the REAL currency that powered the American financial system in the late 2000s.
So a frustrating read, no doubt, but frustration born entirely out of the situation Sorkin is writing about, as opposed to the writing itself. Too Big to Fail is a wonderful book, ambitious in scope, but still limited to a recitation of the facts, and just the horrible facts. It should be mandatory reading for anyone still curious about the events surrounding the bailout. That goes double for the actual subject matters themselves; if ever there was a lot that needed educating. 😦
3 thoughts on “Literary Inspiration: Too Big to Fail”
WASP Mad Libs…hahahahaha! I agree, it should absolutely be mandatory reading – it’s something that I don’t think most young Americans thought could happen in our lifetime but I know people who lost their homes, jobs, 401K’s and even after experiencing the hardships, I don’t know how prepared anyone is for another downturn. Love the nails!!
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