Liar's Poker: Rising Through the Wreckage on Wall Street Study Guide

Liar's Poker: Rising Through the Wreckage on Wall Street

Liar's Poker: Rising Through the Wreckage on Wall Street by Michael Lewis

1986-1988 The good times are coming to an end as talents left Salomons and mortgage bonds became commoditized (partly through Salomon's own invention of CMOs, or Collatorized Mortgage Obligations). New products are being invented such as IO/PO, which increased levels of speculation on mortgage bonds. Andy Stone lost 250 million at Merryl Lynch betting on PO. Ranieri was finally squeezed out in 1988.

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