“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market,… — Michael Lewis Copy Share Image
“The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know)… — Michael Lewis Copy Share Image
“Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from… — Michael Lewis Copy Share Image
“The U.S. stock market now trades inside black boxes, in heavily guarded buildings in New Jersey and Chicago. What goes on inside… — Michael Lewis Copy Share Image
“The gist of Laszlo’s pitch for the equity department was this question: When you turn on your television at six-thirty and Dan… — Michael Lewis Copy Share Image
“The U.S. financial markets had always been either corrupt or about to be corrupted.” — Michael Lewis Copy Share Image
“As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared… — Michael Lewis Copy Share Image
“By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs,… — Michael Lewis Copy Share Image
“The U.S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the… — Michael Lewis Copy Share Image
“They were combing the markets for bets whose true odds were 10:1, priced as if the odds were 100:1.” — Michael Lewis Copy Share Image
“Imagine, for instance, that someone passed a rule, in the U.S. stock market as it is currently configured, that required every stock… — Michael Lewis Copy Share Image
“The U.S. stock market now trades inside black boxes, in heavily guarded buildings in New Jersey and Chicago.” — Michael Lewis Copy Share Image
“On its surface, the booming market in side bets on subprime mortgage bonds seemed to be the financial equivalent of fantasy football:… — Michael Lewis Copy Share Image
“the less the female presence, the less rational the approach to trading in the markets.” — Michael Lewis Copy Share Image
“Before Volcker’s speech, bonds had been conservative investments, into which investors put their savings when they didn’t fancy a gamble in the… — Michael Lewis Copy Share Image
“The same system that once gave us subprime mortgage collateralized debt obligations no investor could possibly truly understand now gave us stock… — Michael Lewis Copy Share Image
There used to be this guy called Vinny who worked on the floor of the stock exchange, said one big investor who… — Michael Lewis Copy Share Image
“Years later he would say that when he'd decided to become a professional baseball player, it was the only time he'd done… — Michael Lewis Copy Share Image
“Every systemic market injustice arose from some loophole in a regulation created to correct some prior injustice. “No matter what the regulators… — Michael Lewis Copy Share Image
“The big banks and the exchanges have a clear responsibility to protect investors—to handle investor stock market orders in the best possible… — Michael Lewis Copy Share Image
The United States stock market, the most iconic market in global capitalism, is rigged, — Michael Lewis Copy Share Image
“A big Wall Street bank’s biggest advantage was its access to vast amounts of cheap risk capital and, with that, its ability… — Michael Lewis Copy Share Image
“He wondered, often, what it would look like if and when the shit in question hit the fan: The stock market at… — Michael Lewis Copy Share Image
The world clings to its old mental picture of the stock market because it’s comforting; because it’s so hard to draw a… — Michael Lewis Copy Share Image
“Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions… — Michael Lewis Copy Share Image
“You saw someone who reminded you of you, and then you looked for the reasons why you liked him. The” — Michael Lewis Copy Share Image
“At other places management says, ‘Well, gee, fellas, do we really want to bet the ranch on this deal?’ Lewie was not only willing… — Michael Lewis Copy Share Image
“BILLY WOULD SAY later that his wife left him because she was unnerved by his intensity—that she could even see it in his hands… — Michael Lewis Copy Share Image
“The great thing about baseball players, from the point of view of personal hygiene, is how seldom they break a sweat.” — Michael Lewis Copy Share Image
There was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on… — Michael Lewis Copy Share Image
“The author refers to a player's affected nonchalance and comments he is, "too young to realize you are what you pretend to be.” — Michael Lewis Copy Share Image
A banking system is an act of faith: it survives only for as long as people believe it will. — Michael Lewis Copy Share Image
Some coaches believed they could judge a player's performance simply by watching it. In this they were deeply mistaken. The naked eye was an… — Michael Lewis Copy Share Image
“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much… — Michael Lewis Copy Share Image
“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the… — Michael Lewis Copy Share Image
“The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost… — Michael Lewis Copy Share Image
