The visible hand in economics

Quote 12: Michael Lewis on incentives in Wall Street

Posted on: November 29, 2008

Michael Lewis:

He thought the cause of the financial crisis was “simple. Greed on both sides—greed of investors and the greed of the bankers.” I thought it was more complicated. Greed on Wall Street was a given—almost an obligation. The problem was the system of incentives that channeled the greed.

Found in the December 2008 portfolio magazine (ht Robbie Allan).

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3 Responses to "Quote 12: Michael Lewis on incentives in Wall Street"

I like the bit where they get a chemical engineer with an MBA to try and figure out the CDO’s(?) and he can’t make head or tail of them.

“I like the bit where they get a chemical engineer with an MBA to try and figure out the CDO’s(?) and he can’t make head or tail of them.”

Indeed – that was a winner :)

Yay, a giveaway! How come all your covers get to be so pretty? lolThey’re just so pretty! Can’t wait for more of Alex and Lila :D

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