Commencez à lire Too Big to Fail sur votre Kindle dans moins d'une minute. Vous n'avez pas encore de Kindle ? Achetez-le ici Ou commencez à lire dès maintenant avec l'une de nos applications de lecture Kindle gratuites.

Envoyer sur votre Kindle ou un autre appareil

 
 
 

Essai gratuit

Découvrez gratuitement un extrait de ce titre

Envoyer sur votre Kindle ou un autre appareil

N'importe qui peut lire un ebook Kindle - même sans posséder un Kindle - grâce à nos applications de lecture Kindle gratuites.
Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
 
Agrandissez cette image
 

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves [Format Kindle]

Andrew Ross Sorkin
4.0 étoiles sur 5  Voir tous les commentaires (5 commentaires client)

Prix éditeur - format imprimé : EUR 13,70
Prix Kindle : EUR 9,86 TTC & envoi gratuit via réseau sans fil par Amazon Whispernet
Économisez : EUR 3,84 (28%)

Chaque jour, un ebook avec au moins 60% de réduction
Découvrez l'Offre Éclair Kindle et inscrivez-vous à la Newsletter Offre Éclair Kindle pour ne rater aucun ebook à prix exceptionnel. Abonnez-vous dès maintenant



Essayez gratuitement pendant 30 jours Amazon Premium et bénéficiez de la livraison en 1 jour ouvré gratuite et illimitée sur des millions d'articles, et d'autres avantages.



Descriptions du produit

Extrait

PROLOGUE

Standing in the kitchen of his Park Avenue apartment, Jamie Dimon poured himself a cup of coffee, hoping it might ease his headache. He was recovering from a slight hangover, but his head really hurt for a different reason: He knew too much.

It was just past 7:00 a.m. on the morning of Saturday, September 13, 2008. Dimon, the chief executive of JP Morgan Chase, the nation’s third largest bank, had spent part of the prior evening at an emergency, all-hands-on-deck meeting at the Federal Reserve Bank of New York with a dozen of his rival Wall Street CEOs. Their assignment was to come up with a plan to save Lehman Brothers, the nation’s fourth-largest investment bank—or risk the collateral damage that might ensue in the markets.

To Dimon it was a terrifying predicament that caused his mind to spin as he rushed home afterward. He was already more than two hours late for a dinner party that his wife, Judy, was hosting. He was embarrassed by his delay because the dinner was for the parents of their daughter’s boyfriend, whom he was meeting for the fi rst time.

“Honestly, I’m never this late,” he offered, hoping to elicit some sympathy.

Trying to avoid saying more than he should, still he dropped some hints about what had happened at the meeting. “You know, I am not lying about how serious this situation is,” Dimon told his slightly alarmed guests as he mixed himself a martini. “You’re going to read about it tomorrow in the papers.”

As he promised, Saturday’s papers prominently featured the dramatic news to which he had alluded. Leaning against the kitchen counter, Dimon opened the Wall Street Journal and read the headline of its lead story: “Lehman Races Clock; Crisis Spreads.”

Dimon knew that Lehman Brothers might not make it through the weekend. JP Morgan had examined its books earlier that week as a potential lender and had been unimpressed. He also had decided to request some extra collateral from the firm out of fear it might fall. In the next twenty four hours, Dimon knew, Lehman would either be rescued or ruined.

Knowing what he did, however, Dimon was concerned about more than just Lehman Brothers. He was aware that Merrill Lynch, another icon of Wall Street, was in trouble, too, and he had just asked his staff to make sure JP Morgan had enough collateral from that firm as well. And he was also acutely aware of new dangers developing at the global insurance giant American International Group (AIG) that so far had gone relatively unnoticed by the public—it was his firm’s client, and they were scrambling to raise additional capital to save it. By his estimation AIG had only about a week to find a solution, or it, too, could falter.

Of the handful of principals involved in the dialogue about the enveloping crisis—the government included—Dimon was in an especially unusual position. He had the closest thing to perfect, real-time information. That “deal flow” enabled him to identify the fraying threads in the fabric of the financial system, even in the safety nets that others assumed would save the day.

Dimon began contemplating a worst-case scenario, and at 7:30 a.m. he went into his home library and dialed into a conference call with two dozen members of his management team.

“You are about to experience the most unbelievable week in America ever, and we have to prepare for the absolutely worst case,” Dimon told his staff. “We have to protect the firm. This is about our survival.”

His staff listened intently, but no one was quite certain what Dimon was trying to say.

Like most people on Wall Street—including Richard S. Fuld Jr., Lehman’s CEO, who enjoyed one of the longest reigns of any of its leaders—many of those listening to the call assumed that the government would intervene and prevent its failure. Dimon hastened to disabuse them of the notion.

“That’s wishful thinking. There is no way, in my opinion, that Washington is going to bail out an investment bank. Nor should they,” he said decisively. “I want you all to know that this is a matter of life and death.

I’m serious.”

Then he dropped his bombshell, one that he had been contemplating for the entire morning. It was his ultimate doomsday scenario.

“Here’s the drill,” he continued. “We need to prepare right now for Lehman Brothers fi ling.” Then he paused. “And for Merrill Lynch filing.” He paused again. “And for AIG fi ling.” Another pause. “And for Morgan Stanley filing.” And after a final, even longer pause he added: “And potentially for Goldman Sachs filing.”

There was a collective gasp on the phone.

As Dimon had presciently warned in his conference call, the following days would bring a near collapse of the financial system, forcing a government rescue effort with no precedent in modern history. In a period of less than eighteen months, Wall Street had gone from celebrating its most profitable age to finding itself on the brink of an epochal devastation.

Trillions of dollars in wealth had vanished, and the financial landscape was entirely reconfigured. The calamity would definitively shatter some of the most cherished principles of capitalism. The idea that financial wizards had conjured up a new era of low-risk profits, and that American-style financial engineering was the global gold standard, was officially dead.

Reprinted by arrangement with Viking, a member of Penguin Group (USA) Inc., from Too Big to Fail by Andrew Ross Sorkin. Copyright © 2009 by Andrew Ross Sorkin.

Revue de presse

"...comprehensive and chilling..."
-TIME

"...his action scenes are intimate and engaging..."
-The New Yorker

"Sorkin's prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It's an entertaining book, brisk book...Sorkin skillfully captures the raucous enthusiasm and riotous greed that fueled this rational irrationality."
-The New York Times Book Review

"...brings the drama alive with unusual inside access and compelling detail...A deeply researched account of the financial meltdown."
-BusinessWeek

"...meticulously researched...told brilliantly. Other blow-by-blow accounts are in the works. It is hard to imagine them being this riveting."
-The Economist

"Sorkin's densely detailed and astonishing narrative of the epic financial crisis of 2008 is an extraordinary achievement that will be hard to surpass as the definitive account...as a dramatic close-up, his book is hard to beat."
-Financial Times

"Sorkin's book, like its author, is a phenom...an absolute tour de force."
-The American Prospect

"Andrew Ross Sorkin pens what may be the definitive history of the banking crisis."
-The Atlantic Monthly

"Andrew Ross Sorkin has written a fascinating, scene-by-scene saga of the eyeless trying to march the clueless through Great Depression II."
-Tom Wolfe

"...Sorkin has succeeded in writing the book of the crisis, with amazing levels of detail and access."
-Reuters

"Sorkin can write. His storytelling makes "Liar's Poker" look like a children's book."
-SNL Financial


Détails sur le produit


En savoir plus sur l'auteur

Découvrez des livres, informez-vous sur les écrivains, lisez des blogs d'auteurs et bien plus encore.

Commentaires en ligne 

4.0 étoiles sur 5
4.0 étoiles sur 5
Commentaires client les plus utiles
4 internautes sur 4 ont trouvé ce commentaire utile 
5.0 étoiles sur 5 Wall Street - ce qui s'est passé derrière les rideaux 19 février 2010
Format:Broché
Too Big to Fail est l'histoire passionnante de la crise de Wall Street aux USA en septembre 2008, presque minute par minute, jour par jour, jusqu'au dénouement. Cela a été écrit par un journaliste de New York Times, et on sent bien la recherche minutieuse qui soutien ce livre, qui d'ailleur, se lit comme un thriller.

Je suis américaine et je n'ai donc pas eu de mal à le lire, mais je crois que pour beaucoup de lecteurs français, il serait difficile à cause de tous les verbes à particule dedans, mais c'était leur façon de parler, cela rend le livre beaucoup plus vrai et intéressant, on suit tous les vrais personnages, on les connaît maintenant, on les voit aussi comme des êtres humains, qui font de leur mieux pour que leur institution financière ne fasse faillite, et l'économie avec.

Pour tout ceux qui s'intéressent à l'économie et qui maitrisent bien l'anglais, je n'ai qu'une chose à dire: vous allez être subjugués par ce livre qui ne vous laissera pas un moment de répit, comme pendant la crise.
Avez-vous trouvé ce commentaire utile ?
1 internautes sur 1 ont trouvé ce commentaire utile 
4.0 étoiles sur 5 Riche et haletant 23 février 2012
Par Cyrano
Format:Broché|Achat authentifié par Amazon
C'est quasiment un livre de suspens qui nous est livré ici. Le rythme est haletant et les évènements s'accélèrent au fil des pages pour nous laisser sur une question: En avons-nous fini?
Pas besoin d'avoir travaillé dans une banque pour comprendre l'essence du livre, les mécanismes sont clairement détaillés (c'est même un peu léger parfois). Le détail le plus accentué reste la psychologie des différents protagonistes que l'on devine à travers l'impressionnante masse d'information que l'auteur a réuni pour nous fournir cet ouvrage.
Avez-vous trouvé ce commentaire utile ?
4.0 étoiles sur 5 Passionnant 10 décembre 2011
Par Bastien
Format:Broché
Passionnant pour quiconque est intéressé par ce domaine et a déjà des connaissances... Ou pas ! Tout est parfaitement décrit et ça fait même froid dans le dos !
Avez-vous trouvé ce commentaire utile ?
3.0 étoiles sur 5 Interesting but... 31 décembre 2010
Par J. Alliot
Format:Broché
Ce livre est intéressant, mais il tient plus du compte rendu que de l'analyse. Je recommanderais plutôt le livre de Stiglitz "Freefall" qui s'intéresse aux causes de la crise.
This book is interesting, but it is more a day to day description of what happened than an anlysis of the reasons which led to this situation. I'd rather recommend Striglitz's "Freefall" which goes deeper into the roots of the problem.
Avez-vous trouvé ce commentaire utile ?
4.0 étoiles sur 5 An interesting book 2 mars 2010
Format:Relié
This book helps explaining what happened two years ago and give some "behind the scene" information about the choices that has been made
Avez-vous trouvé ce commentaire utile ?
Vous voulez voir plus de commentaires sur cet article ?
Ces commentaires ont-ils été utiles ?   Dites-le-nous
Rechercher des commentaires
Rechercher uniquement parmi les commentaires portant sur ce produit

Passages les plus surlignés

 (Qu'est-ce que c'est ?)
&quote;
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 greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat. &quote;
Marqué par 323 utilisateurs Kindle
&quote;
Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone. &quote;
Marqué par 283 utilisateurs Kindle
&quote;
Securities whose income and value came from a pool of residential mortgages were being amalgamated, sliced up, and reconfigured again, and soon became the underpinnings of new investment products marketed as collateralized debt obligations (CDOs). &quote;
Marqué par 246 utilisateurs Kindle

Discussions entre clients

Le forum concernant ce produit
Discussion Réponses Message le plus récent
Pas de discussions pour l'instant

Posez des questions, partagez votre opinion, gagnez en compréhension
Démarrer une nouvelle discussion
Thème:
Première publication:
Aller s'identifier
 

Rechercher parmi les discussions des clients
Rechercher dans toutes les discussions Amazon
   



Rechercher des articles similaires par rubrique


ARRAY(0x106b5528)