Michael Lewis

Michael Lewis Discusses Wall Street's Continued Failures

Of note is the fact that they still have yet to fix any of the underlying problems that resulted in what is nothing more than trillion dollar welfare checks for the bankers:

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"The leaders on Wall Street completely lost any sense of their responsibility to the society," Lewis said. "And if you know you're gonna blow up AIG by putting $20 billion of bad subprime mortgage risk into it even though it's gonna be very profitable for you, you should stop and say this shouldn't be done."

You would think that Wall Street and the bankers would feel some sense of shame because they are living on welfare. But the absurd size of their welfare checks eases their pain and I am sure they would like to thank you for keeping them in the money as you go without. (H/T to Susie Madrak at Crooks and Liars)

Subpriming with Michael Lewis

When I returned to the United States in 1990 after spending most of the previous six years in Africa, one of the first books I read was Michael Lewis's Liar's Poker. I wanted to catch up with a culture that had moved away while I was away. It boggled my mind; all I could think of was Sammy Glick, in Budd Schulberg's classic What Makes Sammy Run? It turns out that I wasn't wrong to make that connection. Schulberg, who is now 94, has spent his life since creation of Sammy fending off those who would thank him for providing a roadmap to Hollywood success.