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Liar's Poker: Rising Through the Wreckage on…

Liar's Poker: Rising Through the Wreckage on Wall Street (1989)

by Michael Lewis

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2,710372,176 (3.97)30

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Showing 1-5 of 36 (next | show all)
Wow! If you don't already hate Wall Street bankers (or investment bankers where-ever they may be based), read this book to revive your sense of revulsion. Indicative of zero sum game our society has descended to. ( )
  hhornblower | Feb 4, 2016 |
A very good read, and despite being 20 years old (or so) quite illuminating as to our current financial crisis. ( )
  chasing | Jan 18, 2016 |
Not particularly interesting, but not horrible either. ( )
  melaniefaith | Dec 2, 2015 |

I am a big fan of Michael Lewis so it is hard for me to be objective in a review but I do think this book is brilliant.
Personally I have not ready a better book that sums up the greed and gluttony of 1980's Wall Street.
One thing that I found fascinating, especially with our recent financial collapse and history to compare and contrast, is that this book so clearly shows that as smart and as slick as some people can be in their quest to get rich in the financial markets ultimately Wall Street is simply one big giant casino and the people that work there are for the most part simply gamblers.
( )
  AskTheTicketGuy | May 3, 2015 |
This is a really interesting snapshot of Wall Street in the Reagan era. The Street is now, decidedly, no longer the province of the old-money-wannabes. Now we have the many more ethnic names and much more of a fraternity atmosphere. The white shoes have been largely displaced by the "big swinging dicks." If you look on Wall Street firms as serious businesses applying arcane knowledge to the market in order to reap profits, you will be sadly disappointed by most of what you see in this book. The essence of Wall Street is a bluff game, like Liar's Poker, and it isn't insight into the market that gets you ahead so much as a gift for theatrics and a keen judgment of other people's weaknesses. There are hints of what was to come--Lewis Ranieri features pretty heavily in the book. He is the man who invented the mortgage bond, and he hired a number of PhDs to figure out was of managing and manipulating the risks in such bonds. At the time Lewis is writing, the mortgage-backed security (MBS) was known primarily as an instrument through which home ownership could be democratized. And it was: there were far more people who *could* carry a low-rate mortgage than would get one offered to them. By making the risk on such loans more predictable (by bundling them) MBSs made those loans possible. But the risk manipulation Ranieri used for good would soon be employed by people who a) didn't understand the math well; and b) had significant incentive (commissions) little disincentive (prospective personal losses) to creating bad deals. Deals where risk was masked, not managed. These PhDs (quants) would be the definitive figures in the next generation on Wall Street, and in its next series of disasters. ( )
  ehines | Feb 15, 2015 |
Showing 1-5 of 36 (next | show all)
It doesn't hurt that Lewis is a fantastic writer with a particular talent for explaining the minutae of investment banking without making you want to gouge your own eyes out.
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Amazon.com Product Description (ISBN 0140143459, Paperback)

In fiction there was Bonfire of the Vanities; in reality, there is Liar's Poker--the fascinating insider's account of what really happens on Wall Street. This irreverent and hilarious birds-eye view of Wall Street's heyday will appeal to anyone intrigued by the allure of million dollar deals. Now in trade paper. First serial to Manhattan Inc.

(retrieved from Amazon Thu, 12 Mar 2015 18:20:00 -0400)

(see all 5 descriptions)

The author recounts his experiences on the lucrative Wall Street bond market of the 1980s, where young traders made millions quickly and easily, in a humorous account of greed and epic folly

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W.W. Norton

2 editions of this book were published by W.W. Norton.

Editions: 0393027503, 039333869X

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