Mr. Eisman said, you know, when I started out as an equity analyst, we had no securitization data. My students love how organized the handouts are and enjoy tracking the themes as a class., Requesting a new guide requires a free LitCharts account. And heres where we get to the first stage of the great calamity: there are two types of subprime loans fixed rate and a 2/28 or 3/27, the so-called teaser-rate subprime loans. All Rights Reserved. The post above is drafted by the collaboration of the ValueWalk Team. Teach your students to analyze literature like LitCharts does. The guy did do all that shit in Vegas thou. In typical Lewis fashion, its a story told from the bottom up, through a cast of oddball outsiders who saw the credit bubble, mortgage market, and exotic new financial instruments for what they were, and made billions betting on their demise. It would cost 220 basis points. Chris asked if Steve Eisman had any documentation of his interactions with Mr. Egol or Mr. Lippman. They treat Lippmann with suspicion, but Lippmann . . Please reddit help me find this video! Ive said everything I have to say, he said. Teacher Editions with classroom activities for all 1725 titles we cover. The global economy went into recession from 2007-2009. Chris said that one of the things the FCIC has been looking at is institutions like Goldman Sachs and Morgan Stanley to see if they were selling long positions to customers while taking short positions themselves. Complete your free account to access notes and highlights. Kim asked if Mr. Eisman was referring to Joshua Rosner, and Mr. Eisman replied that its someone who works for me. He said that the ratings agencies were told that their models were wrong in 2003 or 2004, or probably both years. Now the metaphor was two men in a boat, tied together by a rope, fighting to the death. "In 2008 it was the entire financial system that was at risk. Chris asked if Mr. Eisman could be more specific about when the ratings agencies were told that their models were wrong.
