It follows a child who finds a big toe in his garden. W.The Big Toe was the first story in Scary Stories to Tell in the Dark. Wikiquote has quotations related to: The Big Short ↑ "Brad Pitt Film "The Big Short" Casting Call in LA"."Brad Pitt, Christian Bale and Ryan Gosling to Star in Financial Drama 'The Big Short' (EXCLUSIVE)". "Steve Carell in Talks to Join Christian Bale, Ryan Gosling in 'The Big Short '". " 'Anchorman's' Adam McKay Boards Financial Drama". ↑ "The New York Times Bestseller List" (PDF).offers more funds to help fraught AIG: $30 billion more in loans $61.7 billion lost in the fourth quarter", NBC News, March 2, 2009. ↑ "Stories on Howie Hubler" Archived August 23, 2010, at the Wayback Machine, The New York Observer.↑ Lewis, Michael, Betting on the Blind Side", Vanity Fair, April 2010.This led "to the collapse or disappearance" in 2008–09 of three major investment banks, and the federal governments buying of $700 billion of bad debt from distressed financial institutions. Hundreds of billions of dollars' worth of these triple-A securities were downgraded to "junk" status by 2010, and the writedowns and losses came to over half a trillion dollars. The pools of debt the agencies gave their highest ratings to included over three trillion dollars of loans to homebuyers with bad credit and undocumented incomes through 2007. securities the rating agencies designated "triple-A".
A large section of the debt securities market-many money markets and pension funds-were restricted in their bylaws to holding only the safest securities-i.e. The new, complex securities of "structured finance" used to finance subprime mortgages could not have been sold without ratings by the "Big Three" rating agencies-Moody's Investors Service, Standard & Poor's, and Fitch Ratings. FilmĬredit rating agencies (CRAs)-firms which rate debt instruments/securities according to the debtor's ability to pay lenders back-played a significant role at various stages in the American subprime mortgage crisis of 2007–2008 that led to the great recession of 2008–2009.
Kennedy Center for Justice and Human Rights Book Award. It spent 28 weeks on The New York Times ' non-fiction bestseller list.
The Big Short was shortlisted for the 2010 Financial Times and Goldman Sachs Business Book of the Year Award. It also highlights some of the people involved in the biggest losses in the market crash: Wing Chau, Merrill's $300 million mezzanine CDO manager Howie Hubler, known as the person who lost $9 billion in one trade, the third-largest single loss in history and Joseph Cassano's AIG Financial Products, which suffered over $99 billion in losses. It follows people who believed the housing bubble was going to burst-including Meredith Whitney, who predicted the demise of Citigroup and Bear Stearns Steve Eisman, an outspoken hedge fund manager Greg Lippmann, a Deutsche Bank trader Eugene Xu, a quantitative analyst who created the first CDO market by matching buyers and sellers the founders of Cornwall Capital, who started a hedge fund in their garage with $110,000 and built it into $120 million when the market crashed and Michael Burry, an ex- neurologist who created Scion Capital. It also highlights the eccentric natures of people who bet against the market or otherwise "go against the grain".
The Big Short describes several of the main players in the creation of the credit default swap market that sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–08. It spent 28 weeks on The New York Times best-seller list, and was the basis for the 2015 film of the same name. The Big Short: Inside the Doomsday Machine is a nonfiction book by Michael Lewis about the build-up of the United States housing bubble during the 2000s.
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