Michael Lewis, best selling author and arguably one of the finest investigative reporters, wrote an excellent book The Big Short chronicling the sub-prime mortgage debacle and highlighting the hubris of Wall Street. It led to the unprecedented meltdown of the financial system and culminated in the worst recession ever. Take a look behind the scenes at one of the greatest financial frauds ever perpetrated. Bernie Madoff’s was “chump change” in comparison.
In his October 1, 2010 Vanity Fair article Beware of Greeks Bearing Bonds, Lewis once again captures the folly of Wall Street. The unscrupulous behavior in pursuit of the almighty buck laid the groundwork for the sovereign debt crisis roiling the Euro zone today. Europe’s largest banks hold much of the debt that in all likelihood will require restructuring that will cause large losses further impairing their capital. In a recent column, David Brooks of the New York Times praised the article as one of the best articles of 2010.
If the article doesn’t cause severe indigestion, you probably are comatose.