Where would we all be without Liar's Poker? No other single book gave such a funny and accurate portrayal of the culture inside an investment bank. That book and the movie Wall Street heavily influenced my decision to become a stock jockey. Michael Lewis has had a string of bestselling books, including The Blind Side (made into an Oscar-winning movie), Moneyball (another movie adaptation starring Brad Pitt), and his most recent blockbuster The Big Short (an analysis of the financial crisis, specifically dealing with RMBS and CDOs).
But it's one of his least appreciated titles that I'm writing about today. The book is called The Money Culture, and it was his sophomore effort after the overwhelming success of Liar's Poker. The book is being re-released in a new edition tomorrow, and if you're looking for a good reason to buy it here it is: it is the only book ever written that includes the true story of Eddie Braverman.
That's right, kids. The true story of the amoral, mildly psychotic Lehman Brothers penny stock hustler for whom your old Uncle Eddie has taken his moniker. Braverman famously stole the Lehman Brothers training program and sold it over and over again to penny stock boiler rooms all around the country. This stolen training system was used to unleash yours truly on the world of finance at, well, let's just say a "lesser" firm.
Lewis covers dozens of Eddie's hijinks, including his haggling with an undertaker over his mother's casket because the undertaker refused to take his check. The undertaker relented, his mother was planted, and, sure enough, the check bounced.
Where Liar's Poker was an exposé of the goings on within Salomon Brothers, The Money Culture is a collection of stories pulling back the curtain on all of Wall Street and even extending to the merely wealthy (Queen of Mean Leona Helmsley, for example). It's biting satire, and it is very, very funny. You'll read about Michael Milken, RJR Nabisco, and a bunch of other old school Wall Street stories (written before they were old school).
The book reviewed poorly, and that's really a shame because it's a great book. But after the runaway success of Liar's Poker, people were expecting a sequel, and The Money Culture is not a sequel. Knowing that going into it will go a long way toward your enjoyment of the book, because it really is his most underrated title. Trust me, you'll laugh your ass off.
And maybe you'll have a new appreciation for your old Uncle Eddie...
Wait a second... Michael Lewis wrote about you in this book? or someone similar to you?
You dumb or just playing?
Speechless
classic
you do realize playboy did a story on him...
L....A....W....L
Interesting Eddie. What's the over all tone of the book - more like the first half of Liar's Poker (funny anecdotes, personal stories, etc) or the second half (cynical jabs at Wall Street culture for caring too much about money)?
It's really a mix of both, though heavier on the anecdotal stuff because he was still pretty young when he wrote it (1991). If you like his essays, you'll love the book. And I'm telling you, if the only chapter you read is Eddie the Chop House Boy, you'll have gotten your money's worth.
I have never read that book, Liar's Poker is one of my favorites though. Have you ever written about your personal background on here Eddie? All I really know about you is that you drink scotch by the gallon.
It's rum, actually, though I do like a good scotch every now and then.
And, yes, I've actually written quite a bit about my background over the two and a half years I've been writing for WSO. I'm writing a book now that I hope will be available in the next several months, so that will save you the time of going back over 2.5 years of my stuff.
that isn't your real name!?
No way, a book about my mentor Eddie Braverman... well we call him uncle Eddie here, definite must read - getting a copy...
I picked up this book about 5-6 years ago from half price books... opened it up and it says ."best of luck in your future steve....michael lewis"
this summer i went to rice u to hear ML speak about the big short... i had my copy in hand.. i showed ML who laughed and wrote about steves message... "best of luck in your future monty09 michael lewis"
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