John William Meriwether is an American hedge fund executive.
Liar's poker is an American bar game that combines statistical reasoning with bluffing, and is played with the eight digits of the serial number on U.S. dollar bills. The digits are usually ranked with the 1 as "ace" as the highest value, followed by 0 as "10", down to 2 as the lowest. Each player holds one bill, unseen by the other players. The objective is to guess how often a particular digit appears among all the bills held by all the players. Each guess or bid must be higher in quantity, or equal in quantity but higher in value, than the previous bid. The round ends when all the other players challenge a bid.
Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York. It was one of the five largest investment banking enterprises in the United States and the most profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the King of Wall Street".
John Halle Gutfreund was an American banker, businessman, and investor. He was the CEO of Salomon Brothers Inc, an investment bank that gained prominence in the 1980s. Gutfreund turned Salomon Brothers from a private partnership into a publicly traded corporation, which started a trend in Wall Street for investment companies to go public. In 1985, Business Week gave him the nickname "King of Wall Street".
Michael Monroe Lewis is an American author and financial journalist. He has also been a contributing editor to Vanity Fair since 2009, writing mostly on business, finance, and economics. He is known for his nonfiction work, particularly his coverage of financial crises and behavioral finance.
Bonds securitizing mortgages are usually treated as a separate class, termed residential mortgage-backed security (RMBS). In that sense, making reference to the general package of financial agreements that typically represents cash yields that are paid to investors and that are supported by cash payments received from homeowners who pay interest and principal according to terms agreed to with their lenders; it is a funding instrument created by the "originator" or "sponsor" of the mortgage loan; without cross-collateralizing individual loans and mortgages, it is a funding instrument that pools the cash flow received from individuals and pays these cash receipts out with waterfall priorities that enable investors to become comfortable with the certainty of receipt of cash at any point in time.
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see Financial crisis of 2007–2008.
Michael W. Vranos is an American hedge fund manager and philanthropist who in the 1990s was referred to by some as the "most powerful man on Wall Street." In 1993, he reportedly earned $15 million from trading mortgage bonds. Fortune Magazine once called him "one of the best bond traders on Wall Street." According to a 2007 Wall Street Journal article, he has continued to be regarded as "the best-known mortgage-bond trader on Wall Street."
Thomas G. Maheras is a managing partner of Tegean Capital Management, LLC, a New York-based hedge fund founded in 2008.
Victor Haghani is an Iranian-American founder of Elm Wealth, a research-driven wealth advisor and manager. Elm uses index-tracking funds to invest across the largest asset classes and tries to give its clients broad exposure to global economic growth at the lowest possible cost.
Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis is a 2008 book about the subprime mortgage crisis in the United States by investigative journalists Paul Muolo of National Mortgage News and Mathew Padilla of the Orange County Register. The book has an accompanying website with some excerpts, author biographies and a roundup of events in the subprime mortgage crisis that occurred after the book was printed.
Sir Deryck Charles Maughan is an English businessman.
Lewis S. Ranieri is a former bond trader, and founding partner and current chairman of Ranieri Partners, a real estate firm.
The Quants is the debut New York Times best selling book by Wall Street journalist Scott Patterson. It was released on February 2, 2010 by Crown Business. The book describes the world of quantitative analysis and the various hedge funds that use the technique. Two years later, Patterson published a follow-up book, Dark Pools: High Speed Traders, AI Bandits and the Threat to the Global Financial System, an investigative journey into the history of high-frequency trading and the spread of artificial intelligence in today’s markets.
Cornwall Capital is a New York City-based private financial investment corporation. It was founded in 2003 by Jamie Mai, President and Chief Investment Officer, under the guidance of his father, Vincent Mai, who ran the private equity firm AEA Investors, one of the oldest leveraged buyout firms in the United States. It was profiled in the book The Big Short by Michael Lewis as one of a handful of investors in the world that correctly foresaw and profited from the subprime mortgage crisis of 2007. In addition, James Mai's investment strategy was portrayed by Jack D. Schwager in the book Hedge Fund Market Wizards (2012), an inside analysis of the world's greatest hedge fund experts and the strategies that they implement. They were featured in the film adaptation of The Big Short, fictionalized with the names Charlie Geller, Jamie Shipley and Ben Rickert. This has resulted in them being widely known for their investments running up to the financial crash in 2007–08.
Panic: The Story of Modern Financial Insanity is a non-fiction book by Michael Lewis about the most important and severe upheavals in past financial history. The book was published on November 2, 2009 by W. W. Norton & Company. The text, Lewis writes, is an effort "to recreate the more recent financial panics, in an attempt to show how financial markets now operate."
William Salomon (1914-2014) was an American businessman who served as managing partner of Salomon Brothers.
The Big Short is a 2015 American biographical crime comedy-drama film directed and co-written by Adam McKay. Co-written by Charles Randolph, it is based on the 2010 book The Big Short: Inside the Doomsday Machine by Michael Lewis showing how the financial crisis of 2007–2008 was triggered by the United States housing bubble. The film stars Christian Bale, Steve Carell, Ryan Gosling and Brad Pitt, with John Magaro, Finn Wittrock, Hamish Linklater, Rafe Spall, Jeremy Strong, and Marisa Tomei in supporting roles.
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History is a debut non-fiction book by American journalist Gregory Zuckerman. The book was released on November 3, 2009 by Crown Business. The book investigates the reasons and consequences of the subprime mortgage crisis and the role that hedge fund manager John Paulson played in those events.
Mismarking in securities valuation takes place when the value that is assigned to securities does not reflect what the securities are actually worth, due to intentional fraudulent mispricing. Mismarking misleads investors and fund executives about how much the securities in a securities portfolio managed by a trader are worth, and thus misrepresents performance. When a trader engages in mismarking, it allows him to obtain a higher bonus from the financial firm for which he works, where his bonus is calculated by the performance of the securities portfolio that he is managing.
