Saturday, March 20, 2010

"The Big Short"

If you read the Portfolio essay he wrote in 2008 you've heard much of the material in this book before. I like how he shows that the CDOs and synthetic CDOs made of CDS by his valiant shorts kept the market humming into 2007. The $9 billion loss at Morgan Stanley is astounding and deserves its own tome.

Best quote:

"The first sign that Spider-Man had no interest in Deutsche Bank's dark dealings came at a Speech that morning, given by the CEO of Option One, the mortgage originator owned by H&R Block."

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