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Major banks implode and the government spends more than $1 trillion to rescue them. The independent investors make spectacular profits, but for some the victory is shallow: How could the captains of finance have been so foolish? And what does it mean for America and the future of Wall Street?
Eventually, all the big Wall Street investment banks want a piece of the subprime game, including Bear Stearns, Merrill Lynch, Goldman Sachs, and Morgan Stanley. Lewis shows how the financial products being offered on Wall Street became increasingly complex in the years before the crisis.
The Big Short by Michael Lewis explores the origins of and fallout from the 2007-2008 financial crisis through the eyes of a handful of eccentric and oddball investors who saw that the U.S. housing market—and, by extension, the entire financial system—was built on a foundation of sand.
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Need help with Chapter 10 in Michael Lewis's The Big Short? Check out our revolutionary side-by-side summary and analysis.
The Big Short Summary and Analysis of Part 2, Chapters 3-4. Summary. In February 2006, Greg Lippmann, the mortgage bond trader from Deutsche Bank, turned to FrontPoint, where Eisman worked, and tried to convince Eisman to bet against the subprime mortgage bond market.
The Big Short Summary and Analysis of Part 4, Chapters 7-8. Summary. Ledley and Hockett left Las Vegas in January 2007 fearing that the whole financial system was doomed. As Ledley put it to his mother, “I think we might be facing something like the end of democratic capitalism.”
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Summary. The head of Morgan Stanley’s subprime mortgages, Howie Hubler, made a notoriously bad trade. He had played football in college, and was known for his overbearing manner, loudness, and stubornness. His career was much like Greg Lippmann ’s, until the subprime mortgage bond market boomed.
