by Michael Lewis
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0 of 0 people found the following review helpful:
 Liar's Mortgage, 2008-07-17
Michael Lewis' Liar's Poker is a must read for anyone trying to understand the 2008 crisis in mortgage lending and home ownership. In fact, a new edition of the book should be published with a forward by Ben Bernake or Hank Paulson. The autobiography describes a mid-1980's newbie to Wall Street and his induction into the fraternity of mortgage traders at Salomon Brothers and junk bond traders at Drexel. This book rises above a rite of passage story because of the financial chaos which happened during the next three decades.
The 41st trading floor of Salomon Brothers is where millions of dollars exchange hands in minutes. There is a blue collar culture of practical jokes, profanity, Mexican food and pizza. The characters might have come right out of Damon Runyon or Animal House. The main difference between the interns, the traders and the clerks is neither their demeanor nor education but their wealth. In contrast to other books which tell us about the best and the brightest, this book describes ordinary people with excess body fat, perspiration, greed and wealth.
As more homeowners face foreclosure and the US dollar loses value, it is not clear what message to derive from this book. Were it not for these failures of economic policy the book would join other interesting stories about the rich and privileged of Wall Street. But because of this failure of oversight, the book takes us from humor to cynicism and from a sense of national pride to a feeling of national shame.
Is there a ratio of capitalistic reward to risk which is unconscionable in a democratic society? Can this behavior be limited or controlled by financial transparency, tax code, money supply and credit leverage? How do we avoid these consequences of the creation and destruction of capital without moving down the path of socialism? Can we ever put to rest the saying that behind every great fortune is a great crime?
0 of 0 people found the following review helpful:
Eccentricities of Wall Street..., 2008-06-29
An entertaining look into the life of a Salomon Brothers bond trader in the 1980s. The book offers a cursive overview of the financial innovations during that period, but the real contribution is in examination of the culture and the personalities of the Wall Street traders. Not without some embellishment, Michael Lewis does a great job of communicating the eccentricities and absurdities of the traders - 'the big swinging dicks'. At the very least, 'Liar's Poker' is an entertaining read, at best, an insightful look at what (and who) turns the wheels of our financial institutions.
0 of 0 people found the following review helpful:
a classic, 2008-05-27
this book is a must read if you are getting into the financial industry along with "when genius failed" and others.
0 of 0 people found the following review helpful:
JH, 2008-04-25
OUTSTANDING!! This is the single best book I've ever read for learning the basics of life in a Wall St. investment bank. Very accessible and humorous, yet informative as well.
5 of 24 people found the following review helpful:
Wonderful, how could you not like it?, 2008-04-23
This is a great book. I mean, everyone else says so, so they can't be wrong. Yes, I want a job on wall street.
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