Did you see the 60 Minutes expos on speed trading? I've embedded the video, which explains how high-frequency trading works. It sheds light on the May 6 flash crash—why the Dow dropped nearly 700 points in twenty minutes. It's only a matter of...
Yesterday, Goldman Sachs settled fraud charges associated with Abacus CDOs for $550 million. Not surprisingly, the settlement excluded Fabrice P. Tourre, who will no doubt be hung out to dry as the Tourre de Toxic winds to a close. Personally, I think the government...
I just returned from Nino’s in Manhattan, where the authors of The Club No One Wanted to Join gathered to discuss their book. They are a group of twenty-nine investors in Madoff’s Ponzi scheme. Their book describes the change in their lives since the...
I believe in financial reform. Let’s lose synthetic CDOs, credit default swaps, and other Weapons of Money Destruction. Let’s cut the leverage and focus on systemic risks to our economic order. But let’s be smart. In the wake of last Thursday, it...
Ratings Emails Show Concerns at Rating Firms Over Goldman’s Abacus Deals The dead bodies keep surfacing. It’s now clear the ratings agencies, who were paid for impartial evaluations of Goldman’s Abacus and other CDO deals, had serious qualms. Here...
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.