Liars Poker and The Big Short author Michael Lewis responds to the SEC’s fraud charges against Goldman Sachs on Bloomberg …

The Bond Market Will Never Be The Same After Goldman

First para:

If you happen to be sitting on the Goldman Sachs bond-trading floor life must feel horribly unfair.

You did nothing worse than live by the ethical assumptions of your market — any money-making event short of obviously illegal is admirable — and now your own grandfather thinks you’re some kind of monster.

Your world feels upside down: What was right is now wrong; what was good is now bad; what once felt like winning now feels like losing.

That attitude: “any money-making event short of obviously illegal is admirable” is how I think several reptiles in our own market operate.

Then, in some cases, they compound their nauseating display of cognitive dissonance by trumpeting their religion, their ‘ethics’ and their [alleged] ‘love for the truth’. Yik.

Michael Lewis (as always) far more insightful than we have any right to expect, shares this call:

The masses will be curious to know, for instance, how you became blinded to the very simple difference between right and wrong.

… What begins as an effort to change your business may well end up as
an attempt to change your soul.

Impressive. Worth reading here at Bloomberg. A+