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Liar’s Poker: The Book That Revealed The Truth About London And Wall Street is a tale of insane greed and ambition that lay at the heart of Wall Street in the 1980s.
Summary Of The Book
Liar’s Poker: The Book That Revealed The Truth About London And Wall Street is Michael Lewis’ story, one that revolves around greed and ambition that plagued Wall Street during the mid-1980s. The story captures this period along two lines, one being Michael’s autobiography and the other being about Salomon Brothers and Wall Street.
The autobiographical thread takes its readers through Michael’s college education, and then into a major event in Michael’s life, his hiring by Salomon Brothers in 1984. What follows is a detailed account of the lives of bond salesmen and traders, covering everything from their personalities to the work culture.
An important period in Wall Street’s history has been captured in this thread. This was the time many in Wall Street lot took advantage of others’ ignorance, so that they could grow wealthier. Some of the renowned Wall Street personalities of the time, such as Lewis Ranieri, John Meriwether, and John Gutfreund, have found mention in this book.
The second thread along which the book progresses doesn’t exclusive cover Michael’s life. Here he talks about the history of Salomon Brothers and how Wall Street was building its culture. He even informs the readers on how Wall Street created a market for mortgage bonds to make the firm richer and how Michael Milken and his junk bonds later outdid Wall Street. Along this chain of events, the readers will find several quotes that Michael says have been sourced from interviews he conducted of prominent personalities.
The story doesn’t move chronologically, nor do these two threads come one after another. Through Liar’s Poker: The Book That Revealed The Truth About London And Wall Street, Michael reveals the inside story. He highlights the crass behavior of traders on Wall Street, who weren’t much skilled at advanced finance, but were rather adept at exploiting others’ weaknesses. His fellow trainees spat at one another, insulted and yelled at financial experts who spoke to them.
Lewis makes a powerful remark when he says anyone could make millions in the 80s provided they were in the right place at the right time, just like Lewis Ranieri.
About Michael Lewis
Michael Lewis a financial journalist and non-fiction author.
He is the author of The Big Short: Inside the Doomsday Machine, Boomerang: Travels in the New Third World, Panic!: The Story of Modern Financial Insanity, and The Money Culture.
Michael was born to corporate lawyer and community activist parents in New Orleans. He received a BA in Art History from Princeton University. After working with Daniel Wildenstein, an art dealer in New York, he attended London School of Economics and graduated with an MA in Economics. Hired by Salomon Brothers, he joined a training program at New York. After working as a bond salesman at their London office, he decided to share his experiences through the written word. He has worked with media houses such as The New York Times Magazine, The Spectator, The New Republic, and Bloomberg.
|Publisher||Hodder & Stoughton|
|Number of Pages||304 Pages|
|Publication Year||2006 June|
|Height||7.76 Inches (US)|
|Width||0.79 Inches (US)|
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Dec 15, 2012
Superb BookThis is a hilarious yet thought provoking master piece from Micheal Lewis.This book is excellent as a standalone one and for serious finance readers this is one important cog in the wheel where the stories of high handed acts by Wallstreet bankers are told.Once you start reading it is difficult to put it down.Simply Superb
Jan 1, 2015
It is an all-rounder. Go long on it!This is a thoroughly informative account of the author’s experiences as he began his career in Solomon Brothers as a bond salesman until he quit his job. The book is written in a very humorous and sometimes cynical style as he describes the office dynamics, greed and arrogance, and events that unfolded during the 1980s in the bond market. That period is now referred to as the Merger Mania/ Junk Bond Mania which is widely said to be catalyst for the stock market crash in 1987.
Dec 22, 2014
PREFACE TO BOND TRADINGMakes a good reading into working of salomon brothers with its recruitment and the way the new inductees are taken in various departments of trading . In the later part of the book it succuintly deals with how traders at salomon do their business and how the mortgage and S&L markets suddernly emerged which later ended in a debacle.
Nov 25, 2014
All about bonds....This book gives a brief idea about various types of bonds and how it is traded. Presents a precise picture of Wall street and the gradual downfall of Salomon Brothers, A company once synonymous with Mortgage Bonds. It is a story that states the life of the Author at Salomon which he had eventually quit....Overally, an interesting read.
Jan 10, 2014
EntertainingThe usual Michael Lewis style of simple humor laced with thoughtful observations leaving the reader to infer the meaning. A very good read indeed. Boomerang was funnier though!
Dec 11, 2013
A masterpiece indeedThe book is funny, and gives an inside view of wall street of the 1980s. Also it gives a pretty good picture of how the bond markets work.
Jun 23, 2012
Enjoyable read on the American Bond MarketBefore I comment on the book, I must thank Flipkart for their impeccable on time delivery.
Feb 20, 2012
Get into the life of Wallstreet..a must read book.A very witty, funny, informational book I must say. Michael Lewis takes the readers through his days as an employee of Solomon Brothers. The accounts of various other investment banks, the downfall of Solomon Brothers all this provide a very interesting read. The work style of various personalities who help Solomon Brothers reach its heydays during 1980's is something to be emulated. What more this book is a must read whether you are a novice in the field of economics or you are a pro. As for Michael Lewis, he is a genius.
Feb 2, 2012
Insanely funny!This book is really funny with the dry wit of Lewis. Read it if you're interested in how Mortgage Backed Securities came into being, and how Wall Street in that Era is no different from the Wall Street today! Another great part is the read about Drexham Brunham Lambert, who were kings of the junk bond market. Do not miss out on the catchphrases of Lewis - Shorting Salmon, The Arabs, etc
Jan 20, 2012
Satirical, Fun and Quite Informative Look at Life on Wall St.This book is an account of author’s (Michael Lewis) stint as an investment banker. With a quick overview of his educational qualifications, Lewis moves on to describe the funny way his recruited into the banking profession. His description of events and exploration of stereotypical mindset is vivid and humourous. The way he describes his bosses and managers is particularly hilarious. There are quite a few pages dedicated to explanation of mortgage and bond markets, which quite surprisingly is done well. Overall, it’s a good book and aspiring investment bankers would find it very interesting.