Items of Interest:
CBS 60 Minutes:
Wall Street: Inside the Collapse -- Author Michael Lewis On Wall St's Delusion... Author Tells "60 Minutes" What Led to Wall Street Collapse and Who Predicted It
If you had to pick someone to write the autopsy report on the Wall Street financial collapse 18 months ago, you couldn't do any better than Michael Lewis. He is one of the country's preeminent non-fiction writers with a knack for turning complicated, mind numbing material into fascinating yarns...
His new book, called "The Big Short: Inside the Doomsday Machine," comes out later this week and it explains how some of Wall Street's finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets...
Janet Tavakoli / Huffington Post:
Michael Lewis: Junior Salesgirlieman -- I was in the Salomon Brothers' 1985 training class that Michael Lewis lampooned in his amusing book, Liar's Poker. Imagine my surprise to see him billed as a trader on 60 Minutes, since he was actually a junior salesman. Well-heeled male peacocks strutted the trading floor, and junior salesmen were girlie-men, mere eunuchs serving their pashas.
Michael hit the roof when I ribbed him about the mischaracterization.* Yet, in January 2007 he didn't spare the "wimps, ninnies, and pointless skeptics" at Davos. I wasn't at Davos (Michael wasn't either), but he derided people who staked their reputations--as I staked mine--on the fact that the financial system was in peril. One might think he'd have a thicker skin, when turnabout was fairplay and truth was his casualty...Michael Lewis / Bloomberg (Jan 2007):The Big Picture:
Davos Is for Wimps, Ninnies, Pointless Skeptics -- “None of them seemed to understand that when you create a derivative you don’t add to the sum of total risk in the financial world; you merely create a means for redistributing that risk. They have no evidence that financial risk is being redistributed in ways we should all worry about.” ...
Smackdown! Tavakoli Calls Lewis a GirlieMan -- Score this one for Tavakoli . . .
Lewis Faults ‘Short-Term Greedy,’ Cites Goldman