Back in August 1991, Michael Lewis examined the disintegration of
his ex-employer — investment bank Salomon Brothers — for The Spectator. His semi-autobiographical story, Liar’s Poker, went onto to become an international best seller. Here is the
article in full for CoffeeHousers:
The Judgement of Salomon, Michael Lewis, The Spectator, 24 August 1991
We never be told the truth about what happened at Salomon Brothers over the past few years. I’m not even sure that it matters. The firm has admitted to breaking the rules in five separate US
Treasury auctions, to fraudulently using the names of its customers, and to submitting an illegal bid for $1 billion worth of US Treasury bonds as a ‘practical joke’. The firm’s management first
pleaded total ignorance of the deeds, and then, a few days later, altered their story, and confessed they had known of the violations since April. They now say that they simply forgot to inform the
relevant officials.
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