The Big Short

Chen Chen 39913943 Pam Lange DISC 1311 22 August 2012 low-tonedish potatoes versus protect street elites As Leo Tolstoy said: The nigh uncontrollable subjects cease be explain to the close feebleminded populace if he has not formed any melodic alkali of them already, but the simplest thing cannot be made clear to the ab come to the fore intelligent man if he is firmly persuaded that he knows already, with introduce a shadow of doubt, what is laid before him. ---------- Leo Tolstoy, 1897 (Epigraph) I exclusively agree with what he said and the story that the insolent guys in Wall pass were defeated by many small potatoes can also confirm that. People who cant get jobs from Wall way often be recruited by rating agencies such(prenominal) as Moodys or Standard & Poors, so these guys in Wall Street are really smart. They graduated from Harvard or Princeton University and make millions of dollars per year. As Michael Lewi s said: Wall Street bond trading desks, staffed by people making seven figures a year, set out to coax from the brain-dead guys making high five figures the highest possible ratings for the chide possible loans.(Lewis, Michael. The Big Short, Page96). Because the higher ratings the subprime mortgage have, the more cash in they can overhear from them.

So they repackaged triple-B-rated subprime mortgage bonds into triple-A-rated CDOs. The other guys such as Eisman, Michael mordacious or Greg Lippmann, are sort of unconditional naked hands compared with the celebrated CEOs of investment banks such as Goldman S achs, Citi Bank, Lehman Brothers. They earn ! less money, get less information astir(predicate) the grocery store and have less experience. For example, Esiman is a foodstuff analyst in Oppenheimer (Oppenheimer was among the last of the old-fashioned Wall Street partnerships and survived on the toss out left by Goldman Sachs and Morgan Stanley.) Burry is a one-eyed neckcloth manager in a little capital firm. fair(a) because they are sort of green hands, Eisman sifted either pool of subprime mortgage loans and finally found out that...If you deprivation to get a full essay, order it on our website: OrderCustomPaper.com

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