The Big Bluff: Wall Street Traders Burn Down The House
Michael Lewis' The Big Short depicts some of the financial crisis' worst villians, CDS traders, as heroes. Good Business Blogger Monika Mitchell reveals that in 2011: greed is no longer good.
Lately I have been hearing a lot about how Wall Street mortgage market makers who brought the global economies to their knees were “stupid.” MIT Quants, Berkeley physicists, Harvard, Stanford and Wharton MBA’s, we are told, were completely clueless about the upcoming housing collapse. We are supposed to believe that these physics and stochastic calculus majors did not understand that what goes up must come down.