Books / Book 570
Date: 2008-02-02 (permlink)
Author: Michael Lewis
Name: Liar's Poker
Rating: 4 stars

Much better than the previous one, since this one is honest about the author's greed, and more importantly, this one is actually funny. Also the insight gained into the changes in the financial markets in the 1980s are invaluable.

The small scale of things is odd though. Even with over 20 years of inflation thrown in, the figures he quotes seem insignificant. His claims of Salomon Brothers being the most profitable investment bank with a puny $500 million or so profit in their best year seems rather archaic. Goldman Sachs made a profit of $11.6 billion in 2007; Morgan Stanley lost about $10 billion in the subprime mess. Excuse me if I don't get too excited about a couple of hundred million dollars...