Michael Lewis – ‘The End’ describes the subprime mess
2008-11-12 | Filed Under RichardH's Posts |
In the late 1980′s, Michael Lewis left his job as a bond trader at Salomon Bros. and wrote ‘Liar’s Poker.’ The book was an eye-opening description of fast-paced life at one of the world-renown Wall Street firms. Included was a portrayal of John Meriwether’s fabled ‘arb group’ which eventually spun off to form Long Term Capital Management.
The End (Portfolio; Nov. 11, 2008) is Lewis’s lucid and scary description of the subprime mortgage and CDO market debacle. The article is long but is well-worth your time. Lewis is a marvelous story-teller.
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I guess this is Richard’s way of saying, “I told you so.” I have to agree, he did tell me and I didn’t believe.