Quotes from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“While the financial crisis destroyed careers and reputations, and left many more bruised and battered, it also left the survivors with a genuine sense of invulnerability at having made it back from the brink. Still missing in the current environment is a genuine sense of humility.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“There are no atheists in foxholes or ideologues in a financial crisis. Ben Bernanke”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“Everyone thinks Goldman is so fucking smart,” he railed. “Just because Goldman says this is the right valuation, you shouldn’t assume it’s correct just because Goldman said it. My brother works at Goldman, and he’s an idiot!”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“The numbers were, at best, guesstimates, and all three men knew it. The relevant figure would ultimately be the one that represented the most they could possibly ask from Congress without raising too many questions. Whatever that sum turned out to be, they knew they could count on (Interim Assistant Secretary of the Treasury) Kashkari to perform some sort of mathematical voodoo to justify it:”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“This generation of Wall Street CEOs could be the ones to forfeit America’s trust. When the history of the Great Recession is written, they can be singled out as the bonus babies who were so shortsighted that they put the economy at risk and contributed to the destruction of their own companies. Or they can acknowledge how Americans’ trust has been lost and take the first steps to earn it back.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“The battle between bankers and traders is the closest thing to class warfare on Wall Street. Investment banking was esteemed as an art, while trading was more like a sport, something that required skill, but not necessarily brains or creativity.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“Size, we are told, is not a crime. But size may, at least, become noxious by reason of the means through which it was attained or the uses to which it is put. — Louis Brandeis, Other People’s Money: And How the Bankers Use It, 1913”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“In an industry based on analyzing raw data, Gregory was defiantly a gut man. He was also an advocate of the Myers-Briggs Type Indicator, which used Jungian psychological principles to identify people as having one of sixteen distinct personality types. (A typical question was, “Do you prefer to focus on the outer world or on your own inner world?”) Gregory used Myers-Briggs results to help make personnel decisions. It was his conviction that individual expertise was overrated; if you had smart, talented people, you could plug them into any role, as sheer native talent and brains trumped experience. Gregory seemed to revel in moving people around, playing chess with their careers.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“Goldman’s top four officers could not sell more than 10 percent of their Goldman shares until 2011, or until Buffett sold his own, even if they left the firm. He had explained his rationale for this condition to Blankfein by saying, “If I’m buying the horse, I’m buying the jockey, too.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“Both had started in commercial paper, probably the sleepiest, least risky part of the firm’s business. Fixed-income trading was nothing like Fuld and Gregory knew in their day: Banks were creating increasingly complex products many levels removed from the underlying asset. This entailed a much greater degree of risk, a reality that neither totally grasped and showed remarkably little interest in learning more about. While the firm did employ a well-regarded chief risk officer, Madelyn Antoncic, who had a PhD in economics and had worked at Goldman Sachs, her input was virtually nil. She was often asked to leave the room when issues concerning risk came up at executive committee meetings, and in late 2007, she was removed from the committee altogether.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“his way of thinking, the spreading of risk could actually exacerbate the consequences of otherwise isolated problems—a view not shared by his original boss at the Fed, Alan Greenspan. “These changes appear to have made the financial system able to absorb more easily a broader array of shocks, but they have not eliminated risk,” he said in a speech in 2006. “They have not ended the tendency of markets to occasional periods of mania and panic. They have not eliminated the possibility of failure of a major financial intermediary. And they cannot fully insulate the broader financial system from the effects of such a failure.” Geithner understood that the Wall Street boom would eventually falter, and he knew from his experience in Japan that it was not likely to end well. Of course, he had no way of knowing precisely how or when that would happen, and no amount of studying or preparation could have equipped him to deal with the events that began in early March 2008.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“The drive home was excruciating; Fuld sat in the backseat feeling paralyzed. Gone was the bluster, the gusto, the fight. He was still angry, but really, he was just sad. For once, it was completely quiet except for the hum of the engine and the tires rolling down the highway.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“Building computer models based on years of historical data on corporate bonds, they concluded that this new device—a credit default swap—seemed foolproof. The odds of a wave of defaults occurring simultaneously were remote, short of another Great Depression. So, absent a catastrophe of that magnitude, the holders of the swap could expect to receive millions of dollars in premiums a year. It was like free money.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“The pyramidlike structure of a collateralized debt obligation is a beautiful thing—if you are fascinated by the intricacies of financial engineering. A banker creates a CDO by assembling pieces of debt according to their credit ratings and their yields. The mistake made by AIG and others who were lured by them was believing that the ones with the higher credit ratings were such a sure bet that the companies did not bother to set aside much capital against them in the unlikely event that the CDO would generate losses.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“In 2007 one of its biggest clients, Goldman Sachs, demanded that AIG put up billions of dollars more in collateral as required under its swaps contracts. AIG disclosed the existence of the collateral dispute in November. At the December conference, Charles Gates, a longtime insurance analyst for Credit Suisse, asked pointedly what it meant that “your assessment of certain super-senior credit default swaps and the related collateral . . . differs significantly from your counterparties.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

“Wilson had a compelling reason for having recommended Herlihy: He had been involved in some of the biggest takeover battles in corporate America. Earlier in the year he had helped advise JP Morgan Chase in its acquisition of Bear Stearns. His firm—Wachtell, Lipton, Rosen & Katz—was synonymous with corporate warfare. One of its founding partners, Martin Lipton, had devised among the most famous of antitakeover defenses, the “poison pill.” If Treasury was planning a government-led hostile takeover—the first in history—then Herlihy was certainly the lawyer they wanted.”
― Andrew Ross Sorkin, quote from Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves

About the author

Popular quotes

“There are dead thoughts and there are living thoughts. A dead thought has been compared to a stone which one may plant in the soil. Nothing will come out. A living thought is like a seed. In the process of thinking, an answer without a question is devoid of life. It may enter the mind; it will not penetrate the soul. It may become a part of one’s knowledge; it will not come forth as a creative force.”
― Abraham Joshua Heschel, quote from God in Search of Man: A Philosophy of Judaism

“Isolation leads to psychopathology. Isolated from the rest of nature, isolated from each other by walls of fear, isolated from our own bodies, and isolated most of all from our own horrifying experience, is it any wonder that we are all crazy?”
― Derrick Jensen, quote from A Language Older Than Words

“Wallingford vaulted up from his chair. “You’ve come here so that I can mollify you and share in your belittling of Anais? Well, you’ve knocked on the wrong bloody door, Raeburn, because I will not join you in disparaging Anais. I will not! Not when I know what sort of woman she is—she is better than either of us deserves. Damn you, I know what she means to you. I know how you’ve suffered. You want her and you’re going to let a mistake ruin what you told me only months ago you would die for. Ask yourself if it is worth it. Is your pride worth all the pain you will make your heart suffer through? Christ,” Wallingford growled, “if I had a woman who was willing to overlook everything I’d done in my life,
every wrong deed I had done to her or others, I would be choking back my pride so damn fast I wouldn’t even taste it.”
Lindsay glared at Wallingford, galled by the fact his friend— the one person on earth he believed would understand his feelings—kept chastising him for his anger, which, he believed, was natural and just.
“If I had someone like Anais in my life,” Wallingford continued, blithely ignoring Lindsay’s glares, “I would ride back to Bewdley with my tail between my legs and I would do whatever I had to do in order to get her back.”
“You’re a goddamned liar! You’ve never been anything but a selfish prick!” Lindsay thundered. “What woman would you deign to lower yourself in front of? What woman could you imagine doing anything more to than fucking?”
Wallingford’s right eye twitched and Lindsay wondered if his friend would plant his large fist into his face. He was mad enough for it, Lindsay realized, but so, too, was he. He was mad, angry—all but consumed with rage, but the bluster went out of him when Wallingford spoke.
“I’ve never bothered to get to know the women I’ve been with. Perhaps if I had, I would have found one I could have loved—one I could have allowed myself to be open with. But out of the scores of women I’ve pleasured, I’ve only ever been the notorious, unfeeling and callous libertine—that is my shame.Your shame is finding that woman who would love you no matter what and letting her slip through your fingers because she is not the woman your mind made her out to be. You have found something most men only dream of. Things that I have dreamed of and coveted for myself. The angel is dead. It is time to embrace the sinner, for if you do not, I shall expect to see you in hell with me. And let me inform you, it’s a burning, lonely place that once it has its hold on you, will never let you go. Think twice before you allow pride to rule your heart.”
“What do you know about love and souls?” Lindsay growled as he stalked to the study door.
“I know that a soul is something I don’t have, and love,” Wallingford said softly before he downed the contents of his brandy, “love is like ghosts, something that everyone talks of but few have seen. You are one of the few who have seen it and sometimes I hate you for it. If I were you, I’d think twice about throwing something like that away, but of course, I’m a selfish prick and do as I damn well please.”
“You do indeed.”
Wallingford’s only response was to raise his crystal glass in a mock salute.“To hell,” he muttered,“make certain you bring your pride. It is the only thing that makes the monotony bearable.”
― Charlotte Featherstone, quote from Addicted

“I ran upstairs, loving, weeping. I will run downstairs, unloving, not weeping.”
― Fay Weldon, quote from The Life and Loves of a She Devil

“End of Winter”

Over the still world, a bird calls
waking solitary among black boughs.

You wanted to be born; I let you be born.
When has my grief ever gotten
in the way of your pleasure?

Plunging ahead
into the dark and light at the same time
eager for sensation

as though you were some new thing, wanting
to express yourselves

all brilliance, all vivacity
never thinking
this would cost you anything,
never imagining the sound of my voice
as anything but part of you—

you won’t hear it in the other world,
not clearly again,
not in birdcall or human cry,

not the clear sound, only
persistent echoing
in all sound that means good-bye, good-bye—

the one continuous line
that binds us to each other.”
― Louise Glück, quote from The Wild Iris

Interesting books

About BookQuoters

BookQuoters is a community of passionate readers who enjoy sharing the most meaningful, memorable and interesting quotes from great books. As the world communicates more and more via texts, memes and sound bytes, short but profound quotes from books have become more relevant and important. For some of us a quote becomes a mantra, a goal or a philosophy by which we live. For all of us, quotes are a great way to remember a book and to carry with us the author’s best ideas.

We thoughtfully gather quotes from our favorite books, both classic and current, and choose the ones that are most thought-provoking. Each quote represents a book that is interesting, well written and has potential to enhance the reader’s life. We also accept submissions from our visitors and will select the quotes we feel are most appealing to the BookQuoters community.

Founded in 2023, BookQuoters has quickly become a large and vibrant community of people who share an affinity for books. Books are seen by some as a throwback to a previous world; conversely, gleaning the main ideas of a book via a quote or a quick summary is typical of the Information Age but is a habit disdained by some diehard readers. We feel that we have the best of both worlds at BookQuoters; we read books cover-to-cover but offer you some of the highlights. We hope you’ll join us.