American - Journalist | February 19, 1977 -
As a journalist, a big part of what you do is search for drama and conflict. And a lot of the backstory with 'Billions' is grounded in my journalistic background.
Andrew Ross Sorkin
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Traditionally, we think that people with ideas are innovators - that Silicon Valley is the world of ideas. But within the hedge-fund world, they believe that they are men of ideas - that the trade is unto itself one of ideas.
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Since JPMorgan Chase announced its surprise $2 billion-and-growing trading loss, there have been renewed calls from economists, pundits, and politicians to reinstate the Glass-Steagall Act, a Depression-era law that prevented commercial banks from participating in investment banking activities.
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Bringing back something akin to Glass-Steagall would clearly help limit risk in the system. And that's a very good and worthy goal. Letting banks sell securities and insurance products and services allowed them to grow too big too fast and fueled a culture that put profit and pay over prudence.
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Why do we have financial crises? Why do banks lose money? If history is any guide, it hasn't often been the result of speculative bets. It has been the result of banks making loans to individuals and businesses who can't pay them back.
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I think, with Hank Paulson, the concept of a bailout was anathema to him from day one. He was a Republican; he's a free marketeer. He believes in capitalism, and part of capitalism is believing in failure. And so the idea of bailing out an institution, I think, went against every part of him.
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Hank Paulson, obviously, had spent his career on Wall Street, had a deep knowledge of the Street, and also was a very forceful personality, had a very good relationship with the president, and was in a very different place, for example, than Ben Bernanke, who is an academic, quiet guy: spent most of his time thinking about monetary policy.
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I think Ben Bernanke and Tim Geithner shared the view that they shouldn't be in the business of bailouts, but you know, you're not in the business of bailouts until you frankly think you need to be.
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If I could only follow one person on Twitter, it would be Heidi Moore. She's a financial journalist at NPR's Marketplace.
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If I have a spare second, I usually catch up on the many magazines I'm behind on or watch the latest movies on demand that I usually missed at the theater. I love magazines. My top three: Graydon Carter's 'Vanity Fair', Adam Moss' 'New York magazine' and David Remnick's 'New Yorker.'
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On TV at night, I DVR lots of programs - I use it more like a magazine rack flipping through shows than actually watching them in full. 'Charlie Rose,' 'Meet the Press,' '60 Minutes' are musts for me. I also DVR 'NBC's Nightly News' and 'The Chris Matthews Show' on Sunday.
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I'm not a real sports guy, but I check ESPN.com just so I know what people are talking about.
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