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The Big Short
''The Big Short: Inside the Doomsday Machine'' is a nonfiction book by Michael Lewis about the build-up of the United States housing bubble during the 2000s. It was released on March 15, 2010, by W. W. Norton & Company. It spent 28 weeks on ''The New York Times'' best-seller list, and was the basis for the 2015 film of the same name. Summary ''The Big Short'' describes several of the main players in the creation of the credit default swap market that sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–08. It also highlights the eccentric natures of people who bet against the market or otherwise "go against the grain". It follows people who believed the housing bubble was going to burst—including Meredith Whitney, who predicted the demise of Citigroup and Bear Stearns; Steve Eisman, an outspoken hedge fund manager; Greg Lippmann, a Deutsche Bank trader; Eugene Xu, a quantitative analyst who c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Lewis
Michael Monroe Lewis (born October 15, 1960) Gale Biography In Context. is an American author and financial journalist. He has also been a contributing editor to '' Vanity Fair'' since 2009, writing mostly on business, finance, and economics. He is known for his nonfiction work, particularly his coverage of financial crises and behavioral finance. Lewis was born in New Orleans and attended Princeton University, from which he graduated with a degree in art history. After attending the London School of Economics, he began a career on Wall Street during the 1980s as a bond salesman at Salomon Brothers. The experience prompted him to write his first book, ''Liar's Poker'' (1989). Fourteen years later, Lewis wrote '' Moneyball: The Art of Winning an Unfair Game'' (2003), in which he investigated the success of Billy Beane and the Oakland Athletics. His 2006 book '' The Blind Side: Evolution of a Game'' was his first to be adapted into a film, '' The Blind Side'' (2009). In 2010, he r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. It was founded in 1870 and grew through multiple acquisitions, including Disconto-Gesellschaft in 1929 (as a consequence of which it was known from 1929 to 1937 as Deutsche Bank und Disconto-Gesellschaft or "DeDi-Bank"), Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018, the bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. As of 2021, Deutsche Bank was the 21st largest bank in the world by total assets and 93rd in the world by market capitalization. It is a component of the DAX stock market index, and often referred to as the largest German banking institution even though the Sparkassen-Finanzgruppe comes well ahead in terms of combined assets. Deutsche Bank has bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NBC News
NBC News is the news division of the American broadcast television network NBC. The division operates under NBCUniversal Television and Streaming, a division of NBCUniversal, which is, in turn, a subsidiary of Comcast. The news division's various operations report to the president of NBC News, Noah Oppenheim. The NBCUniversal News Group also comprises MSNBC, the network's 24-hour general news channel, business and consumer news channels CNBC and CNBC World, the Spanish language Noticias Telemundo and United Kingdom–based Sky News. NBC News aired the first regularly scheduled news program in American broadcast television history on February 21, 1940. The group's broadcasts are produced and aired from 30 Rockefeller Plaza, NBCUniversal's headquarters in New York City. The division presides over America's number-one-rated newscast, ''NBC Nightly News'', the world's first of its genre morning television program, ''Today'', and the longest-running television series in American ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AIG Financial Products
AIG Financial Products Corporation (AIGFP) is a subsidiary of the American International Group, headquartered in New York, New York, with major operations in London. The collapse of AIG Financial Products, headquartered in Wilton, Connecticut, is considered to have played a pivotal role in the global financial crisis of 2008–2009. In spring 2008, AIGFP suffered enormous losses from credit default swaps that it issued and traded in earlier years. Company officials issued the swaps believing they would have to pay out few, if any, of them. But as the financial crisis worsened during early 2008, many companies began to default on their debt, forcing AIGFP to assume losses far greater than anticipated. The losses at AIGFP caused credit agencies to downgrade the credit rating of the entire AIG corporation in September 2008. The resulting liquidity crisis essentially bankrupted all of AIG. Many believed that AIG was too big to fail and that an AIG bankruptcy could cause an already f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Cassano
Joseph J. "Joe" Cassano (born 12 March 1955) is an American insurance executive who was an officer at AIG Financial Products from the division's founding in 1987 until his resignation in February 2008.Morgenson, Gretchen (September 27, 2008Behind Insurer’s Crisis, Blind Eye to a Web of Risk.''New York Times'' Cassano is considered a key figure in the financial crisis of 2007–2008.Lewis, Michael (August 2009The Man Who Crashed the World'' Vanity Fair'' His employees characterized him as a "bully", and said that the culture of fear helped to create the downfall of AIG, as Cassano would often yell at employees who tried to warn him about the dangers of subprime bonds. AIG later suffered a $99 billion loss and got bailed out by the U.S. government. Political writer Matt Taibbi nicknamed him " Patient Zero of the global economic meltdown." Work at AIG In 1987, AIG hired Cassano as one of the first ten people in the Financial Products unit, as Chief Financial Officer.Voreacos, David ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Observer
''The New York Observer'' was a weekly newspaper printed from 1987 to 2016, when it ceased print publication and became the online-only newspaper ''Observer''. The media site focuses on culture, real estate, media, politics and the entertainment and publishing industries. History The ''Observer'' was first published in New York City on September 22, 1987, as a weekly newspaper by Arthur L. Carter, a former investment banker. The ''New York Observer'' had also been the title of an earlier weekly religious paper founded by Sidney E. Morse in 1823. In July 2006, the paper was purchased by the American real estate figure Jared Kushner, then 25 years old. The paper began its life as a broadsheet, and was then printed in tabloid format every Wednesday, and currently has an exclusively online format. It is headquartered at 1 Whitehall Street in Manhattan. Previous writers for the publication include Kara Bloomgarden–Smoke, Kim Velsey, Matthew Kassel, Jillian Jorgensen, Joe Cona ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Trading Losses
The following contains a list of trading losses of the equivalent of USD100 million or higher. Trading losses are the amount of principal losses in an account. Because of the secretive nature of many hedge funds and fund managers, some notable losses may never be reported to the public. The list is ordered by the Real interest rate, real amount lost, starting with the greatest. This list includes both fraudulent and non-fraudulent losses, but excludes those associated with Bernie Madoff's Ponzi scheme (estimated in the $50 billion range) as Madoff did not lose most of this money in trading. , , VIX, CBOE Volatility Index futures and options , , 2020 , Jim Carney , - , USD 0.225 bn, , 1, , USD 0.225 bn, , 43.5%, , USD 0.30 bn, , , , FXCM, , Foreign exchange , , 2015 , , - , USD 0.207 bn, , 1, , USD 0.207 bn, , 43.5%, , USD 0.30 bn, , , , Codelco , , Copper, silver, gold futures , , 1993 , , - , EUR 0.160 , 1.1 , USD 0.176 bn , 0% , USD 0.176bn , , BNP Paribas, BNP Paribas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Howie Hubler
Howard Hubler III, known as Howie Hubler, is an American former Morgan Stanley bond trader who is best known for his role in the fourth largest trading loss in history. He made a successful short trade in risky subprime mortgages in the U.S., but to fund his trade he sold insurance on AAA-rated mortgage-backed collateralized debt obligations that market analysts considered less risky, but also turned out to be worthless, resulting in a massive net loss on his trades. His actions while handling credit default swaps (CDS) directly resulted in the loss of roughly US$9 billion during the 2007–08 financial crisis—the largest single trading loss in Wall Street history when adjusted for inflation, and the largest at the time. The only bigger single losses in nominal terms came in in 2012 with Bruno Iksil (also trading credit default swaps) and in 2021 when Bill Hwang lost around $10 billion on total return swaps. Early life and education Hubler was born and raised in Boonton, Ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place (New York City), Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial analysts and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform. Prior to 2009, the company was publicly owned and traded on the New York Stock Exchange. Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the financial crisis of 2007–2008, the same weekend that Lehman Brothers was Bankruptcy of Lehman Brothers, allowed to fail. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vanity Fair (magazine)
''Vanity Fair'' is a monthly magazine of popular culture, fashion, and current affairs published by Condé Nast in the United States. The first version of ''Vanity Fair'' was published from 1913 to 1936. The imprint was revived in 1983 and currently includes five international editions of the magazine. As of 2018, the Editor-in-Chief is Radhika Jones. Vanity Fair is most recognized for its celebrity pictures and the occasional controversy that surrounds its more risqué images. Furthermore, the publication is known for its energetic writing, in-depth reporting, and social commentary. History ''Dress and Vanity Fair'' Condé Montrose Nast began his empire by purchasing the men's fashion magazine ''Dress'' in 1913. He renamed the magazine ''Dress and Vanity Fair'' and published four issues in 1913. It continued to thrive into the 1920s. However, it became a casualty of the Great Depression and declining advertising revenues, although its circulation, at 90,000 copies, was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scion Capital
Michael James Burry (; born June 19, 1971) is an American investor, hedge fund manager, and physician. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best known for being amongst the first investors to predict and profit from the subprime mortgage crisis that occurred between 2007 and 2010. Early life and education Burry was born and grew up in San Jose, California. He has Rusyn ancestry. At the age of two he lost his left eye to retinoblastoma and has had a prosthetic eye ever since. As a teenager, he attended Santa Teresa High School. He studied economics and pre-med at the University of California, Los Angeles, earned an MD degree from the Vanderbilt University School of Medicine, and started but did not finish his residency in pathology at Stanford University Medical Center. While off duty at night, he worked on his hobby: financial investing. Despite not practicing, Burry has kept his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neurologist
Neurology (from el, νεῦρον (neûron), "string, nerve" and the suffix -logia, "study of") is the branch of medicine dealing with the diagnosis and treatment of all categories of conditions and disease involving the brain, the spinal cord and the peripheral nerves. Neurological practice relies heavily on the field of neuroscience, the scientific study of the nervous system. A neurologist is a physician specializing in neurology and trained to investigate, diagnose and treat neurological disorders. Neurologists treat a myriad of neurologic conditions, including stroke, seizures, movement disorders such as Parkinson's disease, autoimmune neurologic disorders such as multiple sclerosis, headache disorders like migraine and dementias such as Alzheimer's disease. Neurologists may also be involved in clinical research, clinical trials, and basic or translational research. While neurology is a nonsurgical specialty, its corresponding surgical specialty is neurosurgery. Histor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
