If you want to read about the invention of CMOs (Collateralized Mortgage Obligations)via Salomon Brothers back in 1986-1988 by none other than the most famous mortgage trader ever Lewie Ranieri, read Chapter 7 of "Liar's Poker" by Michael Lewis.
This book is absolutely amazing! A must read by anyone interesting in more of the "corporate culture" (for lack of a better phrase) of trading bonds back in the late 70's and 80's. Salomon Brothers WAS the bond/mortgage market back in this time period. Many of the veteran traders in bonds still today originated from the Salomon trading floor. Lastly and more importantly, many of the stories in the book are the cause of the most recent debt, credit and mortgage crisis!
Read it..it will do you good!
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It is said that one "learns something new everyday". Well, those that know me will tend to agree that there's something "just not right" about the way my mind works. I say it adds character. Regardless of anyone's opinion of me, I thought it would be Worldly worthwhile to share the 1 thing that I learn everyday. Keep these thoughts in your back pocket to use at Social Events. Here goes nothing!!
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