Andrew Ross Sorkin
Andrew Ross Sorkin
Andrew Ross Sorkinis an American journalist and author. He is a financial columnist for The New York Times and a co-anchor of CNBC's Squawk Box. He is also the founder and editor of DealBook, a financial news service published by The New York Times. He wrote the bestselling book Too Big to Fail and co-produced a movie adaptation of the book for HBO Films...
NationalityAmerican
ProfessionJournalist
Date of Birth19 February 1977
CountryUnited States of America
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The genre of narrative business books that I love so much - the ones that have a you-are-there quality - was invented, or so it is said, in 1982 by David McClintick, who wrote 'Indecent Exposure,' a rollicking good read about a Hollywood scandal and the ultimate boardroom power struggle at Columbia Pictures.
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Several companies have explicit policies against cronyism, with good reason. Hiring a family member simply for a relationship can be troubling and may not necessarily serve a company's interests. But by and large, financial firms in particular commonly hire people who have certain connections, whether through family or a business relationship.
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No one suggested Lehman deserved to be saved. But the argument has been made that the crisis might have been less severe if it had been saved, because Lehman's failure created remarkable uncertainty in the market as investors became confused about the role of the government and whether it was picking winners and losers.
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What keeps me up at night? Waking up to a scoop at another newspaper or on TV. I'm probably competitive, almost too much so. I will stay up till the Web sites at night roll over. And if they don't roll over, I'll stay up until it's done. I'll wake up at the crack of dawn, or in the middle of the night even, just to go and check and see.
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What if the slowdown in merger activity isn't cyclical, but secular? What if corporations have learned the lessons of so many companies before them that the odds of a successful merger are no better than 50-50 and probably less? Is it possible that the biggest deals have already been done?
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What if lawmakers never spoke to their constituents? Oddly enough, that's exactly how corporate America operates. Shareholders vote for directors, but the directors rarely, if ever, communicate with them.
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Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.
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We talk about institutions that are too big to fail - I think the story is as much about people who think they are too big to fail.
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The euphoria around economic booms often obscures the possibility for a bust, which explains why leaders typically miss the warning signs.
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Some billionaires like cars, yachts and private jets. Others like newspapers.
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It's the people who have an incentive to find the problem who usually find the problem.
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In truth, the best Bitcoin can hope for is to be a second-rate version of gold, if that.
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Wall Street is littered with clever plans to use financial instruments to change behavior - carbon trading, for example. Some have changed the world, and others failed miserably.
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In many ways, education is a lousy business. Teachers are not normal economic actors; almost all of them work for less money than they might fetch in some other industry, given their skills and advanced degrees.