October 30, 2009 4:54 PM
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Too Big to Fail: Countdown to Meltdown
This post by Rachel Elson originally appeared on CBS' MoneyWatch.com.
In the hours leading up to the collapse of Lehman Brothers, JP Morgan Chase CEO Jamie Dimon warned his top executives to prepare for the worst. "There is no way that Washington is going to bail out an investment bank," he told his team. "Nor should they."
Andrew Ross Sorkin tells the story of the ensuing meltdown in his new book, "Too Big to Fail," going behind the scenes for a play-by-play account of the 2008 crisis on Wall Street.
Earlier this week, Sorkin stopped by the CBS MoneyWatch studios to discuss the meltdown with editor-at-large Jill Schlesinger.
They discussed the causes of the financial crisis, as well as the backstage drama, the big egos, and one unsung hero. Sorkin also calls out the two most important changes that he thinks could prevent a repeat of the meltdown.
You can watch Schlesinger's interview with Sorkin below, and read an excerpt of his book, at CBS MoneyWatch.
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