The big rip-off

Posted: 31 May 2010 in Uncategorized
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I’ve just finished reading Michael Lewis’s The Big Short, aka “The Big Rip-off.” Lewis’s book is not the story of the financial crisis as it is commonly understood (the failure of Lehman Brothers, the global meltdown, TARP, etc.), but the story of the few investors (like Steve Eisman and Mike Burry) who saw through the great financial rip-off (of unregulated financial instruments) and made a tidy profit on shorting the system (of packaged and repackaged subprime mortgage derivatives and of insurance contracts) that was designed to rip us all off.

The new rip-off is what Lewis calls “shorting reform“:

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