Lawyers for Michael Lewis, the author of “Liar’s Poker” and “Moneyball,” asked a judge to dismiss a lawsuit by a bond manager who claimed Lewis’s book about subprime mortgage investing, “The Big Short,” defamed him.
The U.S. stock market is rigged when high-frequency traders with advanced computers make tens of billions of dollars by jumping in front of investors, according to author Michael Lewis, who spent the past year researching the topic for his new book “Flash Boys.”
The technological arms race among professional equity traders threatens to destabilize U.S. markets and more should be done to limit their speed, according to New York Attorney General Eric Schneiderman.
“We’ve had a pretty good crisis,” says Barry Bausano , smiling as he surveys Deutsche Bank AG’s sprawling 35,000-square-foot equities trading floor in downtown Manhattan. Behind him, on bookshelves in his glass-walled office, sit two copies of “Too Big to Fail,” along with “Liar’s Poker” and “Triumph of the Optimists,” which tracks 101 years of worldwide investment returns.
Valerie Thompson went from a childhood hawking fish, fruit and vegetables in London’s run- down East End to a Eurobond star at Salomon Brothers Inc. when it was the world’s biggest trading firm. Like the successful trader she was, she got out at the top.