'Too Big to Fail'

" They're -- coordination with central banks around the world. Dedicate substantial step to provide additional liquidity. To US financial system. These actions are necessary. And they're important. And the markets are adjusting to them. -- financial markets continue to deal with serious challenges. As our recent actions demonstrate. My administration is focused on meeting these challenges. The American people can be sure we will continue to act. To strengthen and stabilize our financial markets. And improve investor conference."

" That was a blast from the not so -- former President Bush addressing the financial crisis will more than a year ago pretty scary times. Now to the details you haven't heard about the financial meltdown the eagerly anticipated behind the scenes account of Wall Street's near demise. Why isn't the pages of a terrific new book too big to fail author Andrew Ross Sorkin joins me now he's a reporter. The New York Times award winning journalist think to. Often her enemy territory for having me let me turn to one of the -- they can cut rates often. In a period of less than eighteen months -- right Wall Street had gone from celebrating its most profitable H defining itself on the brink of an epochal. Disaster devastation. All. Was it green was he hubris was it myopic. As stupidity what was it."

" It was a combination of all the things you know the book is call too big to fail but really it's actually a story about people who frankly think that they are too big to fail and that's really what. This is about this is about people who were blinded by. Greed power all the things he talked about. And they didn't see the handwriting on the wall. They they didn't appreciate the problems and Wall Street is a place of attorney who you may be a professional skeptic as I -- as journalists but. On Wall Street they're professional optimists and and they couldn't see."

" Well on their professional greedy value that is -- to problem. Right there are always heroes in -- villains in these things let's focus on some villains were the villains."

" Well you know a lot of people look at Richard fold -- fold as the CEO -- Brothers has the villain right. I actually look at him slightly differently I think of him actually as an odd sort of tragic figure in a Shakespearean plays someone who has. These loyalties and you'll see in the book. To his friends. He becomes blinded by what he's trying to see if he tried he tries almost valiantly but at the end. He loses and it's it's it's it is almost every alienated him over late night. I think in the al-Qaeda today they do I do not -- the book by the but I tell you a lot I will get more credit than people wanna get them. Really I will RI will I want to get to some other potential villain yes. Peter kraus John Thain Merrill Lynch -- You know they they came across earliest heroes. In that they did this deal with -- they -- the shareholders everywhere said they're terrific. But when you get inside the story and you realize they never wanted to sell the company at all they were pushed and prodded. In part by Hank Paulson but in part by a little known executive named Greg Fleming in Maryland to a president who was actually going around their back ride. -- try to get a deal done and it's a fabulous little scene -- could really see how -- half. But right and and it's turned out to be an awful deal at least right now being -- great break from Merrill Lynch shareholders by the way out. All for Bank of America could every shareholder and by the way for us the taxpayers of this country who are now on the hook. Four for the video they -- shareholders had no idea where they were absolutely and not find a black hole and and it's much deeper than we thought I had."

" All right page 442. Yes Paulson has. Have to sell the bailout TARP -- congress any gets some advice you've got the quote you invite guests. This is only gonna work if you scare about blank out of -- How did he do that how did he managed to -- tellem the world's about to come to an end."

" I think I mean that's exactly what he said he said if we do not do this. The markets were not -- far there will be no economy and so the issue for him was. How do we tell the congress that they have to do this and that quote obviously says at all I don't think he was lying I think he believed it but I do you think there was a little bit back to drama to get."

" Below over the -- let me ask you some -- in the -- very top -- Two big film means to bid to have some Americans -- that means they should be broken up either through new legislation or. The antitrust division of the Department of Justice."

" That's right you know having written this book I would argue that we need to significant financial reform we may get some later this week the good news is -- frank has come out -- something I didn't break Obama. That's one way to do it I actually think it's going to be very difficult given the lobbying efforts that are going on the Washington and it Wall Street has going on Washington but down. That may be the answer to is a heck of a book. Thanks for being with a -- but -- bail Andrew Ross her candidacy I really appreciate that you."