Blogging about Organizational Behavior: Book report part 5.
Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis’s knowing and hilarious insider’s.
Liar's Poker contains in part an autobiographical account of Michael Lewis's own experience just before and during his time in Salomon Brothers. The book also followed the rise and fall of Salomon Brothers, mainly focusing on the mortgage bond department whose fortune closely traced the speculative bubble in various mortgage backed securities in the 80s. (The current subprime crisis indeed.
Liar's Poker By Michael Lewis I Preface I WAS A BOND salesman, on Wall Street and in London. Working beside traders at Salomon Brothers put me, I believe, at the epicenter of one of those events that help to define an age. Traders are masters of the quick killing, and a lot of the killings in the past ten years or so have been quick. And Salomon Brothers was indisputably the king of traders.
This book review could probably be summed up in one sentence: After reading Liar’s Poker I immediately went to my Amazon account and purchased 5 more Michael Lewis books! I thought that this insider’s account of life on Wall Street was absolutely fascinating. It pretty much confirmed all the negative stereotypes that “Main Street” has come to believe about the financial sector. This IS.
Complete summary of Michael Lewis' Liar's Poker. eNotes plot summaries cover all the significant action of Liar's Poker.
As a caveat, I tried reading his book Liar’s Poker several years ago when I was new in the business. I hoped I would learn something relevant about the investing process of at least something relevant about the industry. After reading a couple of chapters, I was bored with the fluff and repetition and tossed the book. Yet, most investors praise the book.
Liar’s Poker chronicles the rise and fall of Salomon Brothers: its infamous swagger, its aggressive expansion and subsequent decline. The book is written from an insider’s viewpoint by Michael Lewis, now one of the world’s best-known financial journalists, but a bond salesman for Salomon Brothers during its most colorful period. It is a tale of a business and a culture that few of us.