It’s been a while since I sat still for three hours to read a single book. Even though I only spent one year at Lehman Brothers, the fact that I was there at the height of the CDO craze (being in the group that originated CDOs), gives me the goosebumps. I feel like I can close my eyes and picture what Lewis is talking about when he writes about the investment banks trying to force the best ratings out of ratings agencies; or that everyone thought defaults would never be as high as 30 or 40% for the underlying collateral; or that we put together 130-page prospectuses that investors would never really read before plunking down billions of dollars; or the fascination within our group when synthetic CDOs made up of credit default swaps started popping up. I was there in my cubicle, wearing my tie, being clueless, and tapping away on Excel and Powerpoint. I’m glad I left when I did, but I wish I had been more curious and more inquisitive about everything then.
Note: Trying to post more frequently again. Set it up so I can post directly from my iPhone now.
Filed under: Nonfiction
