The End- An Article Written by Michael Lewis
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sub-prime crisis
I read an article in Conde' Nast Portfolio.com about the end of investment banking firms in 2008.Written in a witty style, it shows the widespread greed, ignorance and total lack of conscience by the people working in the finance industry.
It introduces Meredith Whitney to people who have yet to know of her, basically the lady analyst who blew the whistle on Citibank (they should hire her) saying that they will have to cut their dividend or go bust. Within four days of her prediction, Citibank CEO resigned and its market value was down $369 billion. And the bank cut its dividend 3 months later.
Chronicling the rise of the derviatives and the CDOs and how one guy, Steve Eisman, (who happens to be Meredith Whitney's mentor) on the inside saw what was happening and who made quite a bit of money shorting the sub-prime mortgage bonds. He is also a sort of hero who tried to question the CEOs of rating agencies, sub-prime mortgage lenders, investment bankers etc and warning them of the dangers of what they were doing.
Suffice to say, it is a very entertaining and sobbering look at all the greedy cats who tried to make a ton of money but sold their souls to the devils.
Read the article here. It is long but it is worthwhile reading it.
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December 23, 2008 at 1:18 AM
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