In 1991, the Reichmann family of Toronto was listed in Fortune magazine as the fourth richest on earth, with a combined wealth of $12.8 billion. From humble beginnings, the family escaped from Nazi-occupied Hungary to Morrocco during World War II. In the mid-1950s, amidst the turbulence of Morocco's bid for independe nce from France, they emigrated to Canada, and created an astounding real estate and construction empire.
They built the World Financial Center in New York, First Canadian Place in Toronto, and Canary Wharf, an enormous mixed-use project in London. They were smart, highly ethical, prudent, and generous philanthropists as well. Their flagship company, Olympia & York, was deemed by the Wall Street Journal as perhaps being "too big to fail."
But in 1992, O&Y did fail, and in a big way. This book tells the story of the disaster, the blunders of the various dramatis personae, details of the restructuring process, and the impact on the victims. The author also addresses the "big-picture" questions, in a clear, chatty, and often humorous way.
Too Big to Fail begins to tell a second story, too, an astonishing one, of Reichmann International, a partnership with George Soros announced only two days after the restructuring of Olympia & York was approved. Within months, Reichmann International had secured loans and had several construction projects underway in Mexico. Indeed, the company is still thriving, and currently working on a 55-story, 850,000-square-foot tower in downtown Mexico City.