The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
I know it’s been covered to death, but I found this scary and sickening, and yet couldn’t stop reading. Banks making loans they knew would fail, but apparently under the assumption that the value of the assets would continue to rise, so they’d come out ahead. Nobody really knew what they were doing.