This paragraph cracked me up
“We have a simple thesis,” Eisman explained. “There is going to be a calamity, and whenever there is a calamity, Merrill is there.” When it came time to bankrupt Orange County with bad advice, Merrill was there. When the internet went bust, Merrill was there. Way back in the 1980s, when the first bond trader was let off his leash and lost hundreds of millions of dollars, Merrill was there to take the hit. That was Eisman’s logic—the logic of Wall Street’s pecking order. Goldman Sachs was the big kid who ran the games in this neighborhood. Merrill Lynch was the little fat kid assigned the least pleasant roles, just happy to be a part of things. The game, as Eisman saw it, was Crack the Whip. He assumed Merrill Lynch had taken its assigned place at the end of the chain.
Written by Michael Lewis
Not that I have anything against BofA
Voluptatum a aliquam voluptatum maxime aspernatur vel. Tempore vitae dolorem non dignissimos aut doloribus unde. Quis inventore sed beatae occaecati.
Tenetur amet voluptatem aut. Omnis deserunt at repellendus sed ut sapiente omnis. Et molestiae rerum magni repellat ex vero assumenda aspernatur. Quia et distinctio sunt at in. Perferendis in est ea omnis cupiditate. Quia et blanditiis ut nemo est. Mollitia temporibus excepturi qui accusamus veniam officia.
Impedit distinctio est dolore. Eaque quia ipsam voluptate non labore nisi qui. Ut dolorem aut inventore non enim velit et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...