The Midas Touch: Unveiling the Extraordinary World of Michael Lewis

What is the story of Liar's Poker?

"Liar's Poker" is a non-fiction book written by Michael Lewis, published in 1989. It is an autobiographical account of his experiences working as a bond salesman for the investment banking firm Salomon Brothers during the 1980s.

The book provides an insider's look into the cutthroat world of Wall Street and the culture of the 1980s financial industry. Lewis describes the intense and highly competitive atmosphere in the Salomon Brothers' trading floor, where the traders played a game called "Liar's Poker" to pass the time.

"Liar's Poker" is a bluffing game involving dollar bills. Each player holds a set of serial numbers from actual dollar bills in their hands and takes turns making bids on the total combined serial numbers without showing the actual bills. The players use their knowledge of the dollar bill serial numbers to make calculated guesses and intimidate opponents, effectively bluffing their way to victory.

Throughout the story, Lewis intertwines anecdotes from his time at Salomon Brothers with explanations of the inner workings of the financial industry. He delves into topics such as mortgage-backed securities, bond trading, leverage, and the concept of junk bonds. The book also sheds light on the greed, excess, and questionable ethics prevalent on Wall Street during the 1980s.

While providing a personal account of his time in the industry, Lewis also analyzes the broader implications of the financial world and the consequences of unchecked capitalism. "Liar's Poker" offers a critical portrayal of an industry driven by rampant speculation and the dangerous pursuit of wealth.

The book became a bestseller and a cultural phenomenon, influencing both aspiring Wall Street professionals and sparking public interest in the workings of the financial industry. It has been recognized as one of the seminal works in the genre of business literature.

Author of Liar's Poker

The author of "Liar's Poker" is Michael Lewis. He is an American author and financial journalist known for his books on various topics, including the financial industry and the business world. "Liar's Poker," published in 1989, was Lewis's debut book and became a bestseller. It is a memoir that depicts Lewis's experiences as a bond salesman at Salomon Brothers, a Wall Street investment bank, during the 1980s. The book provides an insider's perspective on the excesses and questionable practices of the financial industry during that time. Since then, Lewis has written several other books, including "The Big Short," "Moneyball," and "Flash Boys," which have also been highly acclaimed and popular.

Books similar to Liar's Poker

1. "The Big Short: Inside the Doomsday Machine" by Michael Lewis - This book follows the true story of the 2008 financial crisis and provides an inside look at Wall Street's culture of greed and deception.
2. "Boomerang: Travels in the New Third World" by Michael Lewis - Similar to "Liar's Poker," this book examines the global financial crisis and its impact on various countries, uncovering the questionable practices and economic risks taken by individuals and institutions.
3. "Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System - and Themselves" by Andrew Ross Sorkin - This book gives a detailed account of the events leading up to the 2008 financial crisis and the government's response to prevent a complete collapse of the financial system.
4. "Flash Boys: A Wall Street Revolt" by Michael Lewis - In this book, Lewis delves into the world of high-frequency trading and exposes the unfair advantages and manipulations in the stock market, similar to the hustle and deceit described in "Liar's Poker."
5. "The Wolf of Wall Street" by Jordan Belfort - Belfort's memoir provides a wild and outrageous glimpse into the excesses and dishonest practices of an infamous stockbroker, showing a darker side of Wall Street reminiscent of "Liar's Poker."
6. "Barbarians at the Gate: The Fall of RJR Nabisco" by Bryan Burrough and John Helyar - This book chronicles the infamous leveraged buyout of RJR Nabisco and the ruthless tactics employed by Wall Street dealmakers, revealing a world driven by competition, greed, and deception.
7. "The Buy Side: A Wall Street Trader's Tale of Spectacular Excess" by Turney Duff - This memoir details the author's rise and fall as a trader on Wall Street, providing an insider's perspective on the reckless behavior, unethical practices, and excesses of the financial industry.
8. "The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It" by Scott Patterson - This book explores the rise of quantitative finance and the impact of mathematical models on Wall Street, uncovering the risks and failures that accompanied their implementation.
9. "Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America" by Matt Taibbi - Taibbi investigates the practices of Wall Street and their contribution to economic crises, uncovering a web of fraud, corruption, and predatory behavior reminiscent of the tales in "Liar's Poker."
10. "The Money Culture" by Michael Lewis - This collection of articles and stories by Lewis provides a broader view of Wall Street culture, including his experiences working in the industry and his observations on the excesses, egos, and moral ambiguity that pervade the financial world.