Too Big to Reform?
The overriding conclusion that emerges from any analysis of the global financial crisis is that nothing will ever be the same again: the relationship between the state and the markets needs to be rethought. A new “social contract” between finance and the people, through their governments, is required.
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LONDON – The best journalism, it is said, is the first draft of history. Too Big to Fail by Andrew Ross Sorkin is certainly worthy of that designation. As a bit player in the dramatic events that Sorkin describes (I am an independent director of Morgan Stanley in my spare time), I can confirm that he accurately captures the atmosphere of chaos and uncertainty that reigned in New York in the autumn of 2008.