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    Summary of Liar's Poker: by Michel Lewis | Includes Analysis
    Summary of Liar's Poker: by Michel Lewis | Includes Analysis
    Summary of Liar's Poker: by Michel Lewis | Includes Analysis
    Ebook34 pages26 minutes

    Summary of Liar's Poker: by Michel Lewis | Includes Analysis

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    Summary of Liar’s Poker by Michael Lewis | Includes Analysis

     

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    Liar's Poker is the story of the investment banking firm Salomon Brothers during the tenure of CEO John Gutfreund, lasting from 1978-1991, and to a lesser extent, a description of the wider financial wor

    LanguageEnglish
    PublisherInstaread, Inc
    Release dateMay 12, 2016
    ISBN9781683780861
    Summary of Liar's Poker: by Michel Lewis | Includes Analysis

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      Summary of Liar's Poker - Instaread Summaries

      Overview

      Liar's Poker is the story of the investment banking firm Salomon Brothers during the tenure of CEO John Gutfreund, lasting from 1978-1991, and to a lesser extent, a description of the wider financial world of the 1980s. The growth of Wall Street firms like Salomon Brothers was boosted by government deregulation which allowed for the growth and creation of risky mortgage-backed securities and high-yield junk bonds during this period. During the 1980s, Salomon Brothers was the largest investment banking firm in the United States.

      A chance encounter at a party helped the author, Michael Lewis, earn an interview with Salomon Brothers. He spent three years working at the firm. During this time he largely worked out of the firm’s London offices, but took many trips to New York. He left the firm shortly after it was nearly acquired in a hostile takeover bid in 1987.

      The author describes his own experience as a trainee and, subsequently, as a member of the mortgage bond department of Salomon Brothers, in the first person. Lewis is surprised by the irreverence and lack of expertise of many new hires in the industry, including himself. After his graduation from the firm’s training program, he was in turn shocked by the fraternity-like antics and business ethics of many Salomon Brothers employees. After his departure from

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