For those of you who thought Andrew Ross Sorkin's "Too Big to Fail" was just too big to read, you're in luck! The 624-page book has been turned into a movie.
You can watch this insider's look at the events leading up to the 2008 financial crisis on HBO starting Monday, May 23.
The Daily Ticker's Aaron Task caught up with the book's author and co-producer of the film at the New York premier earlier this week. Here are Sorkin's thoughts on why too big to fail is still relevant, whether the banking system is any safer today and the likelihood of the next crisis and what it might be.
Is Too Big to Fail Ancient History?
"My hope is that this project brings the conversation back again. My great worry is that we will have another sequel to this," he tells Aaron in the accompanying video. "Memories are so short on Wall Street, they are so short in Washington [and] they are so short in this country that it is very important that people remember what happened during this period."
Is Banking System Safer Today?
"I think that banking system is actually safer today; slightly, not totally, but slightly," Sorkin says. "What I worry about today is that too big to fail is now about countries in Europe and maybe the U.S. and about municipalities and states."
Too Big to Fail: What's the Message?
"I think the great message of this movie, is really about confidence and debt, having too much debt…. We will have another crisis it may just look a little different than the last one we [had]."
Are Banks Too Big Today?
"The top 10 banks in this country now control more than 70% of all bank assets. That's huge. That is too big to fail squared. So, we do have a problem long-term. The real question though, is that going to manifest the next crisis, or is the debt that this country has which is a multiple of the debt that we had in 2008, is that what is going to be sort of the next leg?"
On Making the Film
"To watch [the book] come to life as a film, and realize and sort of see what these people were up against in a very human way, in a way that you can't actually do on a page, I think is quite extraordinary."
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