Moneyball
The End (of Wall Street’s Boom) by Michael Lewis
Michael Lewis recently wrote an article appearing in Conde Nast’s Portfolio.com titled The End which details the root cause of the credit crisis and the ensuing collapse of Wall Street firms like Morgan Stanley and Merrill Lynch. It is a must read by all. When I shorted financials starting in April of ’07, I did not realize how bad things really were, I just knew that whatever the investment banks were doing was not sustainable. I had no idea how the mortgage/CDO market became so enormous and so out of whack. This article does a remarkable job of explaining how such a massive dislocation happened and why. You can read The End of Wall Street’s Boom by clicking on the link.
