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Thread: When Irish Eyes Are Crying-Michael Lewis article

  1. #1
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    When Irish Eyes Are Crying-Michael Lewis article

    Very good article written by Michael Lewis who I enjoy reading. Best paragraph I thought:

    A banking system is an act of faith: it survives only for as long as people believe it will. Two weeks earlier the collapse of Lehman Brothers had cast doubt on banks everywhere. Ireland’s banks had not been managed to withstand doubt; they had been managed to exploit blind faith. Now the Irish people finally caught a glimpse of the guy meant to be safeguarding them: the crazy uncle had been sprung from the family cellar. Here he was, on their televisions, insisting that the Irish banks were “resilient” and “more than adequately capitalized” … when everyone in Ireland could see, in the vacant skyscrapers and empty housing developments around them, evidence of bank loans that were not merely bad but insane. “What happened was that everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money, and this was the first time they’d ever seen this little man,” says McCarthy. “And then they saw him and said, Who the fuk was that??? Is that the fuking guy who is in charge of the money??? That’s when everyone panicked.”

    http://www.vanityfair.com/business/f...ireland-201103

  2. #2
    Hahaha I actually thought you were serious for a minute...if you're into economic newsletters (and granted this one is vastly popular and is therefore slightly dumbed down), John Mauldin is a fun read...you can subscribe for free on his website.

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    Quote Originally Posted by greenwichjetfan View Post
    Hahaha I actually thought you were serious for a minute...if you're into economic newsletters (and granted this one is vastly popular and is therefore slightly dumbed down), John Mauldin is a fun read...you can subscribe for free on his website.
    you work in the financial industry GJF?

  4. #4
    Quote Originally Posted by TokyoJetsFan View Post
    you work in the financial industry GJF?
    I hope to be very soon my man...I quit my job at JPMC recently to switch careers and get into hedgefund/quant analysis work to supplement the Econ degree my parents worked so hard to pay for!

    I'm studying for an industry specific exam on the 23rd, and once I pass that, I'll be well on my way!

    How about you? I think I read in a thread recently that you moved to San Diego? And I'm guessing from your input in the sheen thread and from your moniker that you did some sort of finance work abroad...like say Tokyo??

    Am I anywhere near accurate?

  5. #5
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    Quote Originally Posted by greenwichjetfan View Post
    I hope to be very soon my man...I quit my job at JPMC recently to switch careers and get into hedgefund/quant analysis work to supplement the Econ degree my parents worked so hard to pay for!

    I'm studying for an industry specific exam on the 23rd, and once I pass that, I'll be well on my way!

    How about you? I think I read in a thread recently that you moved to San Diego? And I'm guessing from your input in the sheen thread and from your moniker that you did some sort of finance work abroad...like say Tokyo??

    Am I anywhere near accurate?
    Ran Trading for Asia for UBS in Tokyo for 15 years. Back in the States now. Still working Asia hours, but from home and for a boutique shop. Much more relaxing not dealing with having to manage a million people + trade + biz trips. I deal with Hesge Funds all day (or all night since I work Asia hours). Let me know if I can be of help after you pass your exam or if you have any questions about buy side or sell side jobs.

  6. #6
    Thanks man! I just sent you a PM.

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