Liar's Poker
3
Group – 3 Sachin Dalvi, Nilesh Telang, Sunaina K. Umesh Mahadik, Umesh Wagaskar, & V. Mahadevan Liar's Poker is a non- fiction, semi- autobiographical book by Michael Lewis describing the author's experiences as a bond salesman on Wall Street during the late 1980s. First published in 1989, it is considered one of the books that define Wall Street during the 1980s. Two important figures in that history feature prominently in the text, the head of Salomon Brother’s mortgage dept. Lewis Ranieri and the firm's CEO John Gutfreund. Highlights of the book- Few great one liners!! The job of a trader, that is every commoner wants to know. An essential read for
Transcript of Liar's Poker
Group – 3 Sachin Dalvi, Nilesh Telang, Sunaina K. Umesh Mahadik,Umesh Wagaskar, & V. Mahadevan
Liar's Poker is a non-fiction, semi-autobiographical book by Michael Lewis describing the author's experiences as a bond salesman on Wall Street during the late 1980s. First published in 1989, it is considered one of the books that define Wall Street during the 1980s.
Two important figures in that history feature prominently in the text, the head of Salomon Brother’s mortgage dept. Lewis Ranieri and the firm's CEO John Gutfreund.Highlights of the book- Few great one liners!! The job of a trader, that is every commoner wants to know.An essential read for wishing to work in investment finance
The first thread is autobiographical, about how bond traders and salesmen truly work, their personalities, and their culture.
Lewis is an art history student at Princeton University who nonetheless wanted to break into Wall Street to make money.
Lewis training at NY & Funny encounters at the session…Front & Back Benchers, Japanese group, the best species abducted by the company
The second thread is a sort of history of Salomon Brothers and overview of Wall Street in general, especially how the firm single-handedly created a market for mortgage bonds and made the firm wealthy, only to be outdone by Michael Milken, Bond Trader and his junk bonds.
Book revolves around the Life of Salomon Bros..executives like Lewis Ranieri who single handedly creates mortgage market, gives fund about LIBOR, TED Spread, Mortgage Bonds work, how to create a market for oneself..artificially.
The Book states how the firm used to make themselves rich through Bond Sale to those who even did not know the end consequence.
The book's main contribution to literature and history is its unflattering, but accurate, portrayal of Wall Street traders and salesmen, their personalities, their beliefs, and their work practices.
Book states lot of hillarious situation wherein 1 trainee raises query about firm’s non existence in Prague as other questions firm’s handicapped scenario having African firm’s major holding or even one getting hold of an equity dealer with ALPHA, BETA, GAMA, DELTA Hedging.
The books states how Bond Traders were actually at the Firm a BLOOD SUCKING CREATURES….who used to be said as the MOST AMBITIOUS INDIVIDUALS on the EARTH that meant the 41st Floor of the building.
