Wing Chau, a manager of collateralized debt obligations, according to a complaint filed Feb. 25 in Manhattan federal court, claims the book unfairly casts him as one of the “villains” responsible for the 2008 financial collapse. The book “depicts Mr. Chau as someone who ignored his professional responsibilities, made misrepresentations to investors, charged money for work that was not performed, had no stake in the CDOs he managed, was incompetent or reckless in carrying out his responsibilities, and violated his fiduciary duties by putting the interests of ‘Wall Street bond trading desks’ above those of his investors,” according to the complaint…Steve Eisman is described in the complaint as “one of the principal sources Lewis relied on in writing ‘The Big Short.’” [Bloomberg]
The Big Short
Hedge Fund Manager/Big Short Character Sues Michael Lewis, Steve Eisman For Making Him Look Like A Guy Investors Might Want To Think Twice About
By Bess LevinIf you’ve also got some downtime circa 3PM today, you can get them answered during Mike’s “live-chat,” where he’ll be talking about, among other things, “why Wall Street hasn’t learned.” You can get in on the conversation here or here: Continue reading »
“While debating changes to Fannie Mae and Freddie Mac, Senate Banking Committee Chairman Chris Dodd (D-Conn.) told his colleagues: “Read this new book, ‘The Big Short.’” Senate Majority Leader Harry Reid (D-Nev.) was decrying Republican obstructionism on the floor when he said, “I recommend everyone within the sound of my voice to read the book.” It’s terrific for people who haven’t spent a lot of time on” the subject, Levin said. “My wife is really into it. I read it, marked it up for my staff, underlined it, made copies and asked them to read it.”
The Big Short A Hot Read On Hill [Politico]
Michael Lewis: “No Intelligent Person Who’s Sitting On Wall Street Can Think Of Themselves As Anything But Overpaid”
By Bess Levin
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Speaking of Lewis, Janet Tavakoli had a few things to say about him and The Big Short this morning– the book gets the crisis all wrong, and Mike is a “girlie man” and a “eunuch.”
