The largest solar energetic particle (SEP) events are thought to be due to particle acceleration at a shock driven by a fast coronal mass ejection (CME). We investigate the efficiency of this process by comparing the total energy content of energetic particles with the kinetic energy of the associated CMEs. The energy content of 23 large SEP events from 1998 through 2003 is estimated based on data from ACE, GOES, and SAMPEX, and interpreted using the results of particle transport simulations and inferred longitude distributions. CME data for these events are obtained from SOHO. When compared to the estimated kinetic energy of the associated coronal mass ejections (CMEs), it is found that large SEP events can extract ~10% or more of the CME kinetic energy. The largest SEP events appear to require massive, very energetic CMEs