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Wall Street Quotes

Browse 65 quotes about Wall Street.

Wall Street Quotes

“Take a typical three-hundred-million-dollar CMO. It would be divided into three tranches, or slices of a hundred million dollars each. Investors in each tranche received interest payments. But the owners of the first tranche received all principal repayments from all three hundred million dollars of mortgage bonds held in trust. Not until first tranche holders were entirely paid off did second tranche investors receive any prepayments. Not until both first and second tranche investors had been entirely paid off did the holder of a third tranche certificate receive prepayments.”

InvestmentWall StreetCdoTranches
Book:Liar's Poker
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“Notice the irony: in a world ideologically dominated by monetary conservatism, and ringing with long sermons about the perils of printing money, the effective money supply had been turned over to privateers [private banks] bent on flooding the markets with money of their own making [ex. CDOs, which act as stores of value + means of exchange]. How did this differ, really, from handing the Fed’s printing presses over to the mafia? There is not much difference, is the honest answer.”

Wall StreetCdoPrivate Money
Book:The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy
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“On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football: a benign, if silly, facsimile of investing. Alas, there was a difference between fantasy football and fantasy finance: When a fantasy football player drafts Peyton Manning to be on his team, he doesn’t create a second Peyton Manning. When Mike Burry bought a credit default swap based on a Long Beach Savings subprime–backed bond, he enabled Goldman Sachs to create another bond identical to the original in every respect but one: There were no actual home loans or home buyers. Only the gains and losses from the side bet on the bonds were real.”

Wall StreetGoldman SachsCredit Default SwapSubprime Mortgage BondsMike Burry
Book:The Big Short: Inside the Doomsday Machine
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“Where to find the borrowers with high FICO scores? Here the Wall Street bond trading desks exploited another blind spot in the rating agencies’ models. Apparently the agencies didn’t grasp the difference between a “thin-file” FICO score and a “thick-file” FICO score. A thin-file FICO score implied, as it sounds, a short credit history. The file was thin because the borrower hadn’t done much borrowing. Immigrants who had never failed to repay a debt, because they had never been given a loan, often had surprisingly high thin-file FICO scores. Thus a Jamaican baby nurse or Mexican strawberry picker with an income of $14,000 looking to borrow three-quarters of a million dollars, when filtered through the models at Moody’s and S&P, became suddenly more useful, from a credit-rigging point of view. They might actually improve the perceived quality of the pool of loans and increase the percentage that could be declared triple-A. The Mexican harvested strawberries; Wall Street harvested his FICO score.”

Wall StreetSubprime Mortgage LoansRating AgencyFico ScoreTriple A
Author:Michael Lewis
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“The Piranha didn’t talk like a person. He said things like “If you fuckin’ buy this bond in a fuckin’ trade, you’re fuckin’ fucked.” And “If you don’t pay fuckin’ attention to the fuckin’ two-year, you get your fuckin’ face ripped off.” Noun, verb, adjective: fucker, fuck, fucking. No part of speech was spared. His world was filled with copulating inanimate objects and people getting their faces ripped off.”

Wall StreetBehaviorismSalomon BrothersBond TradingHuman Piranha
Book:Liar's Poker
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“Se è corretta la mia ipotesi che il capitale cloud sta prevalendo sul capitale terrestre, risucchiando sempre più rendita cloud dalla catena del valore globale, allora l'Europa è in grossi guai. Perché non è la Cina. Non ha una sola azienda Big Tech che possa competere con quelle della Silicon Valley e i suoi sistemi finanziari sono in tutto e per tutto dipendenti da Wall Street.”

Silicon ValleyEconomiaWall StreetEuropaBig TechTecnofeudalesimoCinaFinanza
Book:Tecnofeudalesimo: Cosa ha ucciso il capitalismo
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“…the end of the Cold War has brought not prosperity for all but a pitiless economic struggle for pole-position on the food chain of information capitalism. The neoliberalism and neocolonialism of the 1990s are the direct heir of the Manchester liberalism and colonialism of the 1890s, the only difference being that whereas Victorian rentiers extracted their Imperial textile-rents from the labor of the Great Unwashed, their postmodern analogues on Wall Street speculate on the viewing-rents of the Great Unwatched.”

Cold WarNeoliberalismInformation AgeWall Street2003Rent Seeking
Book:The World is Watching: Video as Multinational Aesthetics, 1968-1995
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