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London Futurists Message Board Books/Media For Futurists › The Big Short: Inside the Doomsday Machine

The Big Short: Inside the Doomsday Machine

Jonathan
Im-not-a-number
London, GB
Post #: 120
Today, I read Michael Lewis' excellent new book; which I should commend to anyone who read Richies' thread The Pinch, as an excellent primer on the real levels of greed, corruption and stupidity of those controlling our pension funds:

The book concerns the build-up of the housing and credit bubble, which took hold after the Bankers and financial types involved with the Dotcom bubble still hadn't learned anything - and so went on to create the credit default swap market - which led to the recent financial meltdown.

The book also highlights the eccentric nature of the type of person who is prepared to bet against the market - starting with the work of Meredith Whitney, who predicted the demise of Citi Group and Bear Sterns; Steve Eisman, a cynical hedge fund manager; Greg Lippmann, a Deutsche Bank trader who created the first CDS market by matching buyers and sellers; the founders of Cornwall Capital, who managed to start a hedge fund in their garage using just $100,000 and built it into $120 million when the market crashed; Dr. Michael Burry, an ex-neurologist who created Scion Capital LLC despite only having one eye and Asperger's syndrome; Howie Hubler, infamously known as the person who lost $9 billion in one trade (the biggest single trading loss in history) and Joseph Cassano of AIG Financial Products, which lost over $99 billion and needed to be rescued by the US government.

Dirk B.
user 9941666
London, GB
Post #: 125
Greed, stupidity and high technology.
We can survive any two out of three.
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