Rating: 
Summary: No better way to write about what happened
Review: *
This book is for everybody. Even if you've never worked in finance in your life, you will still think it's funny and entertaining. Besides which, you will get a thorough education on the bond market and its growth in the mid eighties.Since this was one of the books often referred to by MBA programmes, I was hesitant at first to read it (one of my pet hates is all those silly books about "how to" from supposed "experts" who have since lost all their money or credibility because they were too greedy or didn't see change coming - which is why they had to write the book). Yet, I found myself in need of literature one day and spotted the distinctive yellow cover (in Singapore at least). I was attracted immediately by the title and then proceeded to read the first paragraph. I almost sat down promptly on the floor to keep reading it - a good sign that this was good reading. Lewis has a talent for story telling. He combines this talent with an uncanny ability to be able to explain a very complex market in a very simple way. The "pull" of this story is that you KNOW it really happened. It is easy to cast your mind in the author's shoes, and BE on the trading floor with him. You can feel the excitement when the market turns, taste the sweat of other traders, hear the noise of the commotion on the 42nd floor, and sense the tense environment created by several hundred people in one area all trying to make a quick buck. The story begins by an explanation of the game "Liar's Poker" itself. From then on, the gambling begins and the dice continue to roll ... the very bizarre way in which Michael gets a much sought after position at a prestigious investment bank ... to an intriguing story about the movers and shakers at Salomon Brothers, and the company's inevitable downfall. Pseudonyms, of course, are used. But we can all imagine what "the Human Piranha" looks like and certainly know what type of person this is. Women can despise the competitiveness and prejudice that reaches its ultimate point in this type of environment, and is practised only by men, for men. The book tails off a little at the end. The author (rightly) describes how his career takes off with the company and his inevitable resignation from the firm (Michael, I'm totally with you -- it takes a certain type of person, without scrupples or morals to be able to sustain themselves in this type of workplace). The only slight weakness is that the author tries to justify his choice at the end (there's no need to, because we understand why early on), by saying "money isn't everything". Sure, it is not everything, but it's a lot to those who haven't got any. *
Rating:
Summary: Outstanding Synthesis of Economic Theory and Practice
Review: Somehow Michael Lewis went from Art History major at Princeton to investment banker with Salomon Brothers. In this book he shows that he understood what these markets are all about, in a way that eludes the grasp of people who may spend years majoring in finance, going to law school or business school and slaving away in these same markets without a clue as to how the whole thing hangs together. Using bond trading theory to trade whole companies and industries, as Lewis explains Michael Milken, is especially helpful, and it suggests that Warren Buffett is doing the same thing--buying companies by acting as a "preferred" lender. The "us v. them" relationship between an investment bank and its customers was interesting, and in our current market times, I see a lot of this in how financial planners do the same kind of petty ripoffs that Lewis describes using bigger dollars and bigger customers. It's possible that today's minor aspiring financial planner types could read this book and aspire to be an even bigger malefactor of great wealth. It's refreshing that Lewis bailed out of the business, and this book stands the test of time as a continuing accurate diagnosis of the problems with sinners running markets. The trouble is , there will never be anyone else to run them. At the end of the book, he seems to have a weakness for praising John Meriwether. Isn't that the guy who lost a huge sum of money in the recent "Long Term Capital" hedging disaster? Even that proves the point of this book, which is that none of these guys care at all about anything but the dollars to be made in front of their nose at the moment. Exactly as Adam Smith said.
Rating: 
Summary: Must read for Wall Street Wannabes!
Review: This book, and Predators Ball, really started the boom in financial writing as it pertains to what it is like to actually work on Wall Street. Having spent 3 years working for 2 different firms in research I can say that some very interesting people work on Wall Street. Some are very average people with phenomenal work ethic whereas some are quite comparable to people out of the Wild West. Anyone who is considering going into the financial services industry in trading, sales or research should read this. I tell you to read it because it does describe how cut throat the business is and it does provide some entertaining insightful look at characters in the industry. Liar's Poker provides a good top down look at the characters and process of Wall Street. This book, in particular, focuses on the rise of Soloman Brothers and its trading. Other books of interest would be John Train's Money Masters and New Money Masters (2 different books) that discusses the world's best portfolio managers and traders. Both are excellent reading.
Rating:
Summary: Gamblers anonymous
Review: In many ways, it is not clear what sort of book Lewis intends to write. At times, it is a memoir, at times simple gossip, and in others a guide to how the street works. It is a testimony to Lewis' skills as a journalist that he largely succeeds in each of this tasks, giving clear explanations of both the rise of the mortage market and Milken's revolutionary ways with junk bonds, while managing to capture the surprising undercurrents of life in a Wall Street investment firm. It is, needless to say, not pretty -- and Lewis cynically (though honestly, I think) captures the petty interests and conflicts of interest that dominate the trading floor. I am not sure where to put my money now, but I am certainly keeping it away from those banks! There are, however, some unexpected heroes in the book. Lew Raineri's hard charging mortage desk, a bastion of old fashioned ideals (which is itself a good and a bad thing), is portrayed in loving and often hilarious detail, despite the lack of first hand experience, while Michael Milken's junk bond antics are singled out for special appreciation. These choices may seem suspect now -- Raineri's success didn't outlive the competition and Milken is now widely regarded as a villain, but Lewis' perspective has the advantage of capturing the time in which these views were developed. As history, it is fascinating if not always correct. The final pages of the book depict, somewhat artificially, Salomon Brothers as it grapples with a take over bid. The action, while dramatic, seems more like a pretense for a big finish than the climax of the story Lewis is telling. The market went on, and so did Salomon brothers. But Lewis left, and his reasoning is unclear. He was certainly successful, and stood to be more so. His stated reasons seem unsatisfying, and the distance between his experiences during the book and his reluctance to share more intimate details of the forces that compelled his decision ultimately renders the conclusion unsatisfying. This is a small complaint, however, and the book is certainly worth reading. Look for When Genius Failed for an update on some of the characters of Liar's Poker. It follows John Meriwether's ultimately unsuccessful attempts to revolutionize options trading and proves a compelling sequel (of sorts) to this book.
Rating: 
Summary: Terrific stories, but needed more
Review: The stories of Wall St excesses are well told and most readers will find very captivating. "True Greed" is a very fitting byline. Useful also for understanding financial markets. I thought the book got way too technical though, and tried to become a history of the bond markets in the 80's. I wanted to know more about the traders themselves, what did they do with the enormous sums of money they made, what was life outside the office like? We are not told anything about how long the working day is, what their friends thought of them, where they lived etc.
Rating:
Summary: Must read for stock market junkies and wannabes
Review: I thought this book was a fascinating truth-is-stranger-than-fiction insight into the high-powered Wall Street subculture. It is a must-read for people thinking about pursuing Wall Street jobs or CNNfn/CNBC junkies who want a behind-the-scenes look at those big investment banks you hear about all of the time. Lewis suffers from a one-sided cynicism about the people and culture of the street, but backs up his attitudes with engrossing, yet completely horrifying tales about the way 80's Wall St. traders behave.
Rating:
Summary: Lot's of fun and hard to put down.
Review: I picked this up off of a bookshelf at a cabin I was staying in for a week and had trouble putting it down. The section on the mortgage traders is worth the price of the book alone. "They committed acts of gluttony, the likes of which had never been seen on Wall Street before." Lewis' vivid descriptions of these guys had me rolling. Near the end he gets a bit cynical, but it doesn't take away from the rest of the story.
Rating:
Summary: Read it.
Review: This is a really fantastic book for all those interested in investment banking, for anyone eager to digest great anecdotes from the i-banking 80's, and pick up some historical information at the same time. Lewis is sharp, witty, and charming - a great read all around.
Rating:
Summary: Aboslutely Brilliant!
Review: Finally read this book my first semester of business school, after wanting to for years. Not only insightful and educational, it was greatly entertaining as well. Michael Lewis has proven himself to be a knowledgable author and a charming storyteller. If you are already in love with investment banking, this book will not dissuade you. If you already hate investment bankers, this book will give you plenty more ammo.
Rating:
Summary: The Opening Sequence Justifies the Book
Review: Gutfreund's meeting with Merriwether at the beginning of this book is one of the greatest vignette's in financial history and sums up everything that is right and wrong with this industry. This book is required reading for anyone working in and around this industry. It helps that Lewis is a funny, witty writer with an unforgiving eye.
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