wall street

Michael Lewis, author of "Liar's Poker", the big 'End of Wall Street' recent hit piece in Portfolio Magazine, and now his new book "Panic: The Story Of Modern Financial Insanity" appeared on The Colbert Report last night. In the intro to the show, Colbert even took a dig at Jim Cramer, saying the title of Lewis' new book sounds more like Cramer's autobiography. (ba dum ching!)

Although in typical Colbert fashion, he didn't let Lewis get a word in edgewise during the interview, but it's a pretty humorous exchange nonetheless. You can watch the whole episode online here:

http://www.comedycentral.com/colbertreport/full-episodes/index.jhtml?epi...

Skip to the 14:55 mark to see the Lewis interview segment.

For good reason everyone on the Street is talking about Michael Lewis' big Wall Street exposé, 'The End', in the upcoming issue of Portfolio Magazine. The guy really bitchslaps the model of greed and excess that put us in the economic hell hole we're in now. The Econompic Data blog, which makes awesome charts and other financial eye candy, put together a graphic representation of their favorite part of the Lewis piece: The Investment Banking Bonus Matrix. Behold as all the huge glorious wall street bonuses are explained in perfect clarity.

Remember back in the day when it was fun to flamboyantly flaunt your status by waving around a Gucci wallet and/or Rolex watch? It was an unspoken way to tell the world that you were a Wall Street hotshot.

Now with the economic downturn, the NY financial crew who still happens to be raking in the cash are experiencing something not unlike, survivor’s guilt. Those still making bank, are becoming closet spenders; keeping their high-rolling hush-hush not to offend cohorts who are losing their jobs and homes.

I read this article by Michael Lewis in Portfolio and it's a very well written piece about the ignorance of Wall Street for some time combined with his viewpoint having worked at Salomon Brothers in 1986 where the start of this madness originated.

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11...

Also talks about how the existence of the credit default swap (CDS) market made this crisis significantly worse because not only were the actual underlying homeowner loans crashing, but these synethically created loans as well.

With increasing government regulation of the financial sector, which will only intensify with a democratic congress and President Obama, is the era of big bonuses offically over? Will we ever see finance guys making more than $5 million in a given year?

A 1,500-pound ice sculpture carved to spell the word "Economy" was placed on public display in Manhattan's financial district this afternoon.

The exhibition, created by artists Nora Ligorano and Marshall Reese is called 'Main Street Meltdown' and is expected to melt in less than 24 hours. Hopefully it will take a little while longer for the actual economy to be reduced to a luke warm puddle of soiled liquids.

http://www.economist.com/finance/displaystory.cfm?story_id=12437775