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    A Real-Life Trader Talks About “The Big Short” - Facts So Romantic
    ▻http://nautil.us/blog/a-real_life-trader-talks-about-the-big-short

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    Dimitri Otis/Getty ImagesAfter watching The Big Short, I felt I had a decent grasp on the causes of the 2008 financial crisis. The film, which is being released across the United States today, is based on the book by Michael Lewis, and describes how a few prescient financiers bet against the debt bubble and made millions. Still, nothing can replace the insight of someone who worked in the industry during the crisis. Bob Henderson, a physics PhD turned Wall Street trader, lost $200 million in a single month in 2008, while working at a major investment bank in New York. He details his story tomorrow, the 24th, in an exclusive Nautilus feature. Before we publish his feature, we wanted to get his opinion on The Big Short. What he had to say was illuminating, not only because of how he (...)

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      Fil

      Do you think the collapse could have been stopped before it started?

      Sure. A bunch of a different things happened that all came together to create this crash. I could list eight or ten different contributors. Some of it is the #incentives of all the major actors: the mortgage brokers, the banks, the rating agencies, the regulators, the investors. If you altered any one or two of them, then you could see how the whole thing could’ve been avoided. If the rating agencies, for example, had just said we’re not giving this product a good rating because we’ve looked really closely at it, then the whole thing would’ve been shut down. Same thing with the investors. And if the bankers stood up and said, well, we don’t want to do this because we’ve looked at it too, and we’re going to be more thorough about it and not make as much money, that could’ve stopped it. So many people could’ve stopped this, so many different kinds of entities could’ve interfered with this whole thing, and they didn’t.

      #rating #banques

      Fil
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