Customer Review

Reviewed in the United States on April 15, 2015
Michael Lewis is very funny to go along with his insight into how the financial world works. Here are some major takeaways for me:

[1] Solomon Brothers showed excessive greed and always placed the firms interests above those of their customers and rich customers treat the bond [and stock] market like a casino. Middle class people who need a decent return to retire muddle along but the market rises and falls precipitously on the gambling mentality of the rich.

[2] Previous to 1980 bond markets were unregulated so when junk bonds were invented [and bond prices became volatile like stocks] it was not illegal to trade bonds on insider information. Traders will always be more nimble than government regulations and the system will always favor the dishonest few.

[3] At the end in his conclusions, he says that the principals at Solomon will remain "fat and happy". To me that is an oxymoron. They operate on the principal that money is everything. If it were true the US would be the happiest country in the world because it has the highest GNP. Fat people are unhealthy and being healthy and taking care of oneself is at least as important as being rich.

Also if a person is rich enough to buy five houses, he can only be in one place at a time...just like a poor person. If a person is impoverished, more money will make him happier. But after a person has enough money for all his needs, more money doesn't increase happiness. People who realize this can become truly happy.
13 people found this helpful
Report abuse Permalink

Product Details

4.5 out of 5 stars
4.5 out of 5
2,457 global ratings