“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).”
Liar's Poker is a personal account of the author's time at Salomon Brothers, a leading investment bank, where he navigated the intense and often unethical world of financial trading. The book offers an insider's perspective on the culture of greed and the rapid growth of the financial industry during the 1980s. more
Michael Lewis, born on October 15, 1960, is a renowned American author. His works are known for their in-depth investigations and revelations of the truths in the financial, business, and sports worlds. more
“You won't always have the luxury of a second chance. So be careful with your first one.”
“Your choices determine your fate.”
“To have made a coat of words and cloaked yourself in it.”