Too Big Too Fail

I recently completed Andrew Ross Sorkin’s book Too Big Too Fail. On the final page of the book, he mentions a note that JP Morgan’s Jamie Dimon sent to then Treasury Secretary Hank Paulson which I found extremely thoughtful. The note quotes a speech given by President Theodore Roosevelt in 1910:

It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatlly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.

If you enjoy finance and/or politics and want to better understand the magnitude and speed at which the financial system was collapsing in 2008, you will most certainly enjoy Too Big Too Fail.

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