Wednesday, November 12, 2008

Michael Lewis - Making Friends On Wall Street Since 1989

Michael Lewis has done some of the best Wall Street writing out there in the time that I've been paying attention.

His long short story here in Conde Nast Portfolio Magazine this week is outstanding, entitled "The End". It's fantastic, so if you haven't, click it and read it. I love the following paragraph:

"Now, obviously, [Oppenheimer Analyst] Meredith Whitney didn’t sink Wall Street. She just expressed most clearly and loudly a view that was, in retrospect, far more seditious to the financial order than, say, Eliot Spitzer’s campaign against Wall Street corruption. If mere scandal could have destroyed the big Wall Street investment banks, they’d have vanished long ago. This woman wasn’t saying that Wall Street bankers were corrupt. She was saying they were stupid. These people whose job it was to allocate capital apparently didn’t even know how to manage their own."

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