When Michael Lewis wrote Liar's Poker twenty years ago, he thought he was writing about "an end of an era," and not, as it turned out, "the beginning of an era." And as amazed as he was by some of the practices he saw working on Wall Street in the Eighties, he was astounded by what happened later. For example, he says no Wall Street bank that was a partnership would ever "end up owning $50 billion worth of CDO's backed by subprime mortgages," as happened during the era of publicly traded firms. Lewis, who has a new book, The Big Short, was Charlie Rose's guest on Tuesday. Here's an excerpt of the conversation:
You can watch the full interview here.
Posted
03-18-2010 8:24 AM
by
Graham Griffith
Filed under: Charlie Rose, growth, Michael Lewis, Wall Street, global economic crisis and housing prices, investment banks, publicly traded firms, malfeasance, CDO's, Liar's Poker, The Big Short, subprime