I note that Michael Lewis agrees with me about my assessment of his recent anthology of pieces about financial crises. He too thinks it was deceptively marketed by the publisher, and feels ashamed.
Here is what I wrote: Read more
Reputations get shredded fast in a financial crisis, but the speed of John Thain’s descent from hero to zero is extraordinarily rapid.
In mid-October, he seemed like the smartest guy in the pack, delivering Merrill Lynch into the hands of Bank of America for $50bn during the weekend that Lehman collapsed and obtaining a premium for Merrill shareholders amid the chaos. Read more