Looking on the bright side of financial mess
Michael Lewis, author of “Liar’s Poker” and “Moneyball,” finds five positive things about the current financial mess.
Thanks to the current panic many Americans have learned that the experts who advise them what to do with their savings are, at best, fools. Merrill Lynch & Co., Morgan Stanley, Citigroup Inc. and all the rest persuaded their most valuable customers to buy auction-rate bonds, telling them the securities were as good as cash. Those customers will now think twice before they listen to their brokers ever again.
Lewis has written some of these with his tongue firmly planted in his cheek. For instance:
Huge numbers of Wall Street executives will have the time to raise their children. For years now Wall Street has been far too lucrative for a certain kind of energetic and ambitious person to justify anything but the most perfunctory personal life. Now that the market for his services has collapsed, he has time to go home and figure out which of the children roaming around the mansion are actually his.
Although high-finance types someday will discover another tulip bulb or dot-com or credit swap to exploit, at least some of the ridiculousness has been washed out of the marketplace.
Don Mecoy
Business Writer
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