Michael Lewis 60 Minutes Interview Michael Lewis, author of one of the defining books about Wall Street excess, Liar’s Poker.

The Big Short: Inside the Doomsday Machine (Hardcover)

I am planning to read the book “The Big Short, ” by Michael Lewis.

Michael Lewis, author of one of the most defining books on Wall Street excess, “Liar’s Poker,” told 60 Minutes that bonuses at banks bailed out by the government are comparable to “a very elegant form of theft.”

Dr. Michael Barry – turned to reading and pooling subprime mortgage backed securities. Looked at pools, saw them detorating. He was one of the few people in the world that saw what was happening. Michael Barry was doing an analysis at the time.

One broken refrigerator away from default. Sub-prime market
725 million Barry made, he was not part of the institutions.
Barry was looking at the numbers and making tons of money.
Wall Street was diluting itself, it was incentivized to see what it was supposed to see. That was the central message of the book.

Goldman Sachs and AIG was the start of the end. They didn’t understand what there where doing. Leading bond traders.

Keep the sub-prime machine going.

Banks and institutions exploiting the consumers.

60 minutes, derek paravicini, savant

Michael Lewis, the author of Liar’s Poker, The New New Thing, Moneyball, The Blind Side, Panic, Home Game and The Big Short, among other works, lives in Berkeley, California, with his wife, Tabitha Soren, and their three children.