Great Article About Wall St's Excesses and Demise

In Portfolio magazine, the author of Liar’s Poker, Michael Lewis, wrote what I consider the best explanation and chronology of what led us into this meltdown. Starting from the disjointed incentive structure stemming from the big bulges going public all the way up to our present dilemma. A lot of what is explained in this article is concerning the CDO market, Mezzanine Tranches, Z traches, and other esoteric concepts was outlined in the CFP L2 curriculum. The people who shorted these instruments had the same response to these investments as I did when I reviewed them for the first time in my Schweser books…“WTF??..Who the f*ck invented these things?” A review course I took at NYSSA was headed by a instructor that called these investment vehicles “products that could only be sold to the most gullible or stupid of investment managers”. How prophetic, only who knew Wall street was eating their own cooking. This was a year ago, and it turns out, people on the street believed their own line of BS. If you have a few minutes of quiet on this Thanksgiving morning, check it out:

Petey, you’re too late with this! Everyone has read it!

PP: That was a good read. Thomas Friedman referred to it in an NYT op-ed piece last week.

good piece, our CEO sent out and forced everyone to read it