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 blowback against a bailout of Lehman would have been fierce. It is often forgotten, but the prevailing wisdom the day after Lehman fell was that its collapse was a good thing.
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The ethos on Wall Street has not changed, and that's not going to come from the corner office. That's going to come, for better or worse, from Washington, and the whole idea of greed is still good, that is still pervasive.
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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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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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The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.
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There's a good argument to be made that companies that are private, where they're run by partnerships, where everybody has true stake in them and they're not playing with other people's money, that by default it's a safer system, because you really have skin in the game. You really own the company.
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The failure of Lehman may have allowed the government to do more to prop up the economy than it otherwise could.
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I think you tell the story that has to be told. You tell the story that's the truth. You tell the story that readers will be interested in and should know about.
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Debt, weve learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your favorite: bankers, regulators, central bankers, politicians, overzealous consumers, credit rating agencies - but all require one similar ingredient to create a true crisis: too much leverage.
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In truth, a leader should either apologize, mean it and do something about it - or not apologize at all.
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In truth, in the fairy-tale version of bailing out Lehman, the next domino, A.I.G., would have fallen even harder. If the politics of bailing out Lehman were bad, the politics of bailing out A.I.G. would have been worse. And the systemic risk that a failure of A.I.G. posed was orders of magnitude greater than Lehman's collapse.
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When you can't lend or trade - and you can't invest with the leverage that juiced returns to support seven- and eight-figure bonuses - how exactly are you going to make money?
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My training really was at the 'New York Times,' you know. When I got there, I was literally supposed to stay there for five weeks, and I got lucky like nobody, you know, like nobody's business.