“ Before Volcker’s speech, bonds had been conservative investments, into which investors put their savings when they didn’t fancy a gamble in the stock market. After Volcker’s speech, bonds became objec… Michael Lewis
“ Imagine the big rating agencies as three competitive saloons standing side by side, with each free to set its own drinking age. Before long, nine-year-olds would be downing bourbon Roger Lowenstein
“ This is a nation of inconsistencies. The Puritans fleeing from oppression became oppressors. We fought England for our liberty and put chains on four million of blacks. We wiped out slavery and our ta… Mary Lease
“ If your portfolio is made up of the investments that you have made in the lives of people, you will have amassed a wealth so vast that all the portfolios that will ever float the trading floor on Wall… Craig D. Lounsbrough
“ They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, It’s really hard to… Michael Lewis
“ That City of yours is a morbid excrescence. Wall Street is a morbid excrescence. Plainly it's a thing that has grown out upon the social body rather like -- what do you call it? -- an embolism, thromb… H.G. Wells
“ A credit default swap was confusing mainly because it wasn’t really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For ins… Michael Lewis
“ What Gutfreund said has become a legend at Salomon Brothers and a visceral part of its corporate identity. He said: One hand, one million dollars, no tears. Michael Lewis
“ The Piranha didn’t talk like a person. He said things like If you fuckin’ buy this bond in a fuckin’ trade, you’re fuckin’ fucked. And If you don’t pay fuckin’ attention to the fuckin’ two-year, you g… Michael Lewis
“ When you’re a conservative Republican, you never think people are making money by ripping other people off, he said. His mind was now fully open to the possibility. I now realized there was an entire… Michael Lewis
