Daily Archives: January 17, 2016

How a movie reinforced my doubts about Bruce Lisman

I saw “The Big Short” last night. Great movie. Manages to be funny and dramatic while also explaining some very tricky financial concepts.

And there was one scene near the end that reminded me very much of The Man Who Would Be Governor, Bruce Lisman. He’s the native Vermonter who spent most of his adult life in the shadowy canyons of Wall Street, working his way up the ladder to the very top ranks of Bear Stearns.

Yes, the financial firm that went kerblooey in the great crash of 2008.

The story of “The Big Short” is that a few marginal investor-class weirdos were the only ones who saw how the mainstream investment community was vastly overextended in the housing market — to such an extent that a crash was inevitable. It also features various Wall Street “geniuses” who were clueless about the coming debacle.

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