In the Wake of SEC v Goldman

Michael Lewis, most recently author of the best-selling “The Big Short,” wrote a column for Bloomberg News on how the bond market has changed forever:

“Just as there was a time when people could smoke on airplanes, or drive drunk without guilt, there was a time when a Wall Street bond trader could work with a short seller to create a bond to fail, trick and bribe the ratings companies into blessing the bond, then sell the bond to a slow-witted German without having to worry if anyone would ever know, or care, what he’d just done.

That just changed.”

Full article here.

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