Quote 12: Michael Lewis on incentives in Wall Street
Posted on: November 29, 2008
- In: Quotes
- 3 Comments
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).
3 Responses to "Quote 12: Michael Lewis on incentives in Wall Street"
December 8, 2008 at 10:32 am
“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 🙂
July 28, 2012 at 10:09 pm
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 😀
agnitio
cpworthington
dant03
goonix
metrosideros
rauparaha
Robbie Allan
stevedoogue
Matt Nolan
The visible hand in economics 
December 2, 2008 at 10:03 pm
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.