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# The End of Wall Street - article

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SVP
Joined: 04 Dec 2007
Posts: 1689

Kudos [?]: 202 [0], given: 31

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The End of Wall Street - article [#permalink]

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02 Jan 2009, 19:11
Interesting article by Michael Lewis (guy who wrote Liar's Poker):

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom

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Manager
Joined: 09 Sep 2008
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Re: The End of Wall Street - article [#permalink]

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05 Jan 2009, 10:33
In the same vein... Lewis and a dude named David Einhorn had a great op/ed in the NYT on this topic. Broadly, the current system of massive banking firms (with exorbitant salaries and bonuses) and lax SEC enforcement is inadequate to effectively police the finance industry. A great read.

http://www.nytimes.com/2009/01/04/opini ... anted=1&em

Quote:
OUR financial catastrophe, like Bernard Madoff’s pyramid scheme, required all sorts of important, plugged-in people to sacrifice our collective long-term interests for short-term gain. The pressure to do this in today’s financial markets is immense. Obviously the greater the market pressure to excel in the short term, the greater the need for pressure from outside the market to consider the longer term. But that’s the problem: there is no longer any serious pressure from outside the market.

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Director
Joined: 16 May 2008
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Location: Earth
Schools: Cornell '11
Re: The End of Wall Street - article [#permalink]

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05 Jan 2009, 11:10
You like posting "end" predictions
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Kudos [?]: 144 [0], given: 29

Manager
Joined: 05 Nov 2008
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Location: NY, NY
Schools: Darden, Stern, CBS, Johnson, Fuqua
Re: The End of Wall Street - article [#permalink]

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05 Jan 2009, 13:18
Ntang wrote:
In the same vein... Lewis and a dude named David Einhorn had a great op/ed in the NYT on this topic. Broadly, the current system of massive banking firms (with exorbitant salaries and bonuses) and lax SEC enforcement is inadequate to effectively police the finance industry. A great read.

David Einhorn runs a fund called Greenlight Capital. His fund was short Lehman for months leading up to Lehman's bankruptcy and they made a killing when LEH went to \$0. His fund was also short Volkswagen back in October when news surrounding Volkswagen/Porsche came out. Greenlight (temporarily) lost a ton of money by being short VOW. He (and his fund) have been in the news quite a bit over the past 6 months. He's also an avid poker player, and if anyone here watches the WSOP, the name should be somewhat familiar.

Also, my opinion on the Portfolio article written by Michael Lewis is that he's somewhat frustrated that he tried to be the whistleblower on the banker lifestyle 20 years ago and nothing happened. Now that reform is most likely on the horizon, he needs to put in his two cents.

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Re: The End of Wall Street - article   [#permalink] 05 Jan 2009, 13:18
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