I recently finished reading three good books about the financial crisis. In the order I read them:
The Big Short is about the CDO business, and focuses on Scion Capital's Michael Burry, and Frontpoint's Steve Eisman, as two who were on the right side of the market. Like The End of Wall Street, which is about the last days of Lehman brothers and the efforts to find a solution to salvage the firm, it will probably make you nauseous as you relive the insanity of 2008. Lewis and Lowenstein are the two finest financial non-fiction storytellers around, and each of them has another MUST READ book to his credit (Lewis: Liar's Poker, and Lowenstein: When Genius Failed, both of which I cannot endorse strongly enough). House of Cards is about the destruction of Bear Stearns, focusing mainly on the events of 2007, including the implosion of two internal Bear Stearns Asset Management hedgefunds which were eventually bailed out (and thus had the losses realized) by the parent company. It's scary to read about how the hedge fund managers, Cioffi and Tannin, repeatedly told their investors that they were expecting a debacle in subprime mortgages and were positioned to profit accordingly - while all the while the fund had the majority of its assets in long subprime ABS. Cioffi and Tannin were later tried criminally, and acquitted.
These three books are each well worth the time to read for those interested in details of the implosion of the financial world as we knew it.
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