This Week’s Sign the Lunatics Are Running The Asylum

Apologies for the delays between posts. Been in the cave on companies lately, among other things. Back in a while to pick up on that CRBC series. In the meantime, here was the most attention grabbing lede I read all week:

“Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history.”

Great article from ProPublica – “Banks’ Self-Dealing Super-Charged Financial Crisis.” Here it is in its entirety. Also includes these great graphics (click to enlarge).

Cale Smith

About Cale Smith

Portfolio Manager at Islamorada Investment Management.
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2 Responses to This Week’s Sign the Lunatics Are Running The Asylum

  1. Kirk Kinder says:

    Read the Big Short by Michael Lewis…great read focused on the CDO mess. What bothers me the most is the managers who bought these CDOs made millions even though their clients lost their shirts. Wish I could make a fortune for horrible performance.

    • Cale Cale says:

      The Big Short is the best book of any kind I’ve read this year. The scene in the Japanese steakhouse is my favorite:

      “I want to short that guy.”