[Soul_Glo]

Fantastic movie! Tells the story well... of the Wall Street Crash.

I think it came out last year though! I'm not entirely up to date on the latest movies.

[imy]

Is a very good movie - I work in RMBS on all sides so was a great watch for myself. I don't know if its hard for people to follow that don't have any experience or knowledge of the market, I don't know if Margot Robbie on the bath tub helped or hindered.

But really puts things into perspective and how badly the securitisations were formed, administered and traded.
How the rating agencies have any sort of creditability after what happened is beyond me. Complete conflict of interest when 90%+ of your revenue is coming from the counterparty your rating.

The sad thing is that no-one responsible for it was bought to justice. They all simply moved on and continue making money in other markets. Its even more worry that I am now being offered synthetic products - no one learns.

[The0pportunist]

Yep agreed, its a very good film.

Couple more films that are similar that i liked are:

Rogue Trader (1999)
Enron - The smartest guys in the room

[Soul_Glo]

This clips sums up the film nicely:

[Soul_Glo]

Originally Posted by The0pportunist

Yep agreed, its a very good film.

Couple more films that are similar that i liked are:

Rogue Trader (1999)
Enron - The smartest guys in the room

Thanks will add to my weekend watch list.

[Soul_Glo]

Originally Posted by imy

Is a very good movie - I work in RMBS on all sides so was a great watch for myself. I don't know if its hard for people to follow that don't have any experience or knowledge of the market, I don't know if Margot Robbie on the bath tub helped or hindered.

But really puts things into perspective and how badly the securitisations were formed, administered and traded.
How the rating agencies have any sort of creditability after what happened is beyond me. Complete conflict of interest when 90%+ of your revenue is coming from the counterparty your rating.

The sad thing is that no-one responsible for it was bought to justice. They all simply moved on and continue making money in other markets. Its even more worry that I am now being offered synthetic products - no one learns.

It's frightening to think that it could also easily repeat as noted by Bloomberg.

[imy]

Well I'm not sure how it's being governed in the US but here there are measures in operation to make sure its not as cowboy as it was. Banks now have a liquidity requirement and RMBS of certain ratings meet these requirements as collateral against FLS etc.

Mortgage pools are scrutinised alot more now and I myself spend alot of time going through them. But like I said, synthetic products are slowly coming back into the market so who knows where the future goes. I know banks have ALOT of stop gaps, risk management is now huge it actually a pain in my ass for what I do so hopefully if ever there is another scare banks will be better equipped to deal with it.

My manager was at alliance and Leicester at the time told me they literally came an hour away from going bust!

[AWSAWS]

I didn't think the movie was great but only because I've read (listened to) the (audio) book by Michael Lewis.
It's very long but it covers everything in far more detail. Including the ratings agencies and AIG who insured all this junk.

When you hear what happened with sub-prime mortgages, No Income, No Assets, No Jobs loans and how the creator of the loan just sold it on to some other suckers, not caring if it was paid back or not then it's very hard to hear people here blaming the labor government for example for the economy collapsing. The CDO sales people were taking a 1% cut of Billion dollar trades.

Other really great books are

When Genius Failed: The Rise and Fall of Long-Term Capital Management (Roger Lowenstein)

Liar's Poker (Michael Lewis)

The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It (Scott Patterson)

Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market (Scott Patterson)

Flash Boys: A Wall Street Revolt (Michael Lewis)

A book like Dark pools is just scary. It's about how algorithms and super fast connections and computing can give some firms a massive advantage over everyone else. It just makes it sound like big mutual funds and other places where your pension is invested is just being slowly pecked away by these high frequency traders. This is like a slower version of the 2007 crash also taking food off our tables.

I'm a big fan of books like

The Black Swan - The Impact of the Highly Improbable (Nassim Nicholas Taleb)

This shows how you can be doing something in life that has lots of small gains, until a shock event basically wipes you out in one go. How the perceived doesn't always tell the full story. Akin to the phrase. Picking up pennies in front of a bulldozer. The black swan shows how people only saw white swans and so assumed all swans were white. It only took the sighting of a single black swan to dispel the myth.

If you want to go further again...

https://en.wikipedia.org/wiki/Dragon_King_Theory

I used to trade FOREX for 2 years and I started my profession as a computer developer.

[Wolf 335]

To truly enjoy that movie you need to be in the industry and know what they are talking about.

[AWSAWS]

Then following this joke of a disaster there was TARP...

Here, take all our tax payers money. Even if you don't need it. We are forcing you to take it.

See you in 6 months when I finish my job in government

[Soul_Glo]

Originally Posted by AWSAWS

I didn't think the movie was great but only because I've read (listened to) the (audio) book by Michael Lewis.
It's very long but it covers everything in far more detail. Including the ratings agencies and AIG who insured all this junk.

When you hear what happened with sub-prime mortgages, No Income, No Assets, No Jobs loans and how the creator of the loan just sold it on to some other suckers, not caring if it was paid back or not then it's very hard to hear people here blaming the labor government for example for the economy collapsing. The CDO sales people were taking a 1% cut of Billion dollar trades.

Other really great books are

When Genius Failed: The Rise and Fall of Long-Term Capital Management (Roger Lowenstein)

Liar's Poker (Michael Lewis)

The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It (Scott Patterson)

Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market (Scott Patterson)

Flash Boys: A Wall Street Revolt (Michael Lewis)

A book like Dark pools is just scary. It's about how algorithms and super fast connections and computing can give some firms a massive advantage over everyone else. It just makes it sound like big mutual funds and other places where your pension is invested is just being slowly pecked away by these high frequency traders. This is like a slower version of the 2007 crash also taking food off our tables.

I'm a big fan of books like

The Black Swan - The Impact of the Highly Improbable (Nassim Nicholas Taleb)

This shows how you can be doing something in life that has lots of small gains, until a shock event basically wipes you out in one go. How the perceived doesn't always tell the full story. Akin to the phrase. Picking up pennies in front of a bulldozer. The black swan shows how people only saw white swans and so assumed all swans were white. It only took the sighting of a single black swan to dispel the myth.

If you want to go further again...

https://en.wikipedia.org/wiki/Dragon_King_Theory

I used to trade FOREX for 2 years and I started my profession as a computer developer.

brilliant list. Will look into this. Bedtime reading.

[AWSAWS]

Originally Posted by Broken_Gearbox

brilliant list. Will look into this. Bedtime reading.

They are really great. Wish I could find an endless number of more books like them.

If I think of any of the others I'll note them down.

I've been meaning to get this book:

The Predator's Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders

you never know how well they are written though. Even if it is about interesting people like Michael Milken.