Placing The Blame

Author:
Publish date:
Updated on

Michael Lewis, usually a Wall Street cynic, takes a surprisingly anti-populist tone, wondering on Bloomberg why the role of the predatory borrower hasn't been examined with a bit more scrutiny. Lewis also takes issue with the outrage the fluid AIG bonus situation has fanned.

But now that taxpayer money is on the line the story has changed: innocent taxpayers are now being exploited by horrible Wall Street financiers. The guy who defaulted on mortgages on his six spec houses in the Nevada desert has turned himself into the citizen enraged by the bonuses paid to the AIG employees trying to sort out the mess caused by his defaults.

The piece strikes me as unlike Lewis, which makes it worth the read.
Mass Hysteria Over AIG Obscures Simple Truths [Bloomberg]

Related