Subprime Mortgage Bonds Quotes & Sayings

They shoot the white girl first. — Toni Morrison

There was more than one way to think about Mike Burry's purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars' worth of bonds. He'd either be paid zero, if the triple-B-rated bonds he'd insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn't own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to "insure" it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn't insurance at all but an outright speculative bet against the market - and this was the second way to think about it. — Michael Lewis

The "consumer loan" piles that Wall Street firms, led by Goldman Sachs, asked AIG FP to insure went from being 2 percent subprime mortgages to being 95 percent subprime mortgages. In a matter of months, AIG FP, in effect, bought $50 billion in triple-B-rated subprime mortgage bonds by insuring them against default. — Michael Lewis

The Germans made just about every bad investment you could have made. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds. — Michael Lewis

The world thinks that music is a commercial commodity. I'm glad that is not my code. — Sun Ra

They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, It's really hard to know when you're lucky and when you're smart. — Michael Lewis

Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others. — Michael Lewis

Don't write in to ask whether I would prefer Gingrich to Clinton. Ask, rather, whether Clinton prefers Gingrich to you. Go triangulate yourself. — Christopher Hitchens

Why should not the knowledge, the skill, the expertness, the assiduity, and the spirited hazards of trade and commerce, when crowned with success, be entitled to give those flattering distinctions by which mankind are so universally captivated? Such are the specious, but false arguments for a proposition which always will find numerous advocates, in a nation where men are every day starting up from obscurity to wealth. To refute them is needless. The general sense of mankind cries out, with irresistible force, Un gentilhomme est toujours gentilhomme. — James Boswell

Accomplishment is one part commitment, one part ability, one part persistence, and one part circumstance. Circumstance we cannot control. The rest we might. — Dee Hock

The golden flower blooms if you are ready to die to the past, if you are utterly in the present. And you can be utterly in the present only if you have no desire to be anywhere else in the future, if you have no desire to be somebody else. This I call enlightenment. — Osho

By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs, and Morgan Stanley all had what they termed "shelves" for their subprime wares, with strange names like HEAT and SAIL and GSAMP, that made it a bit more difficult for the general audience to see that these subprime bonds were being underwritten by Wall Street's biggest names. — Michael Lewis

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn't ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn't know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. — Michael Lewis

What would it be like if I had something to defend - a home, a country, a family - and I found myself attacked by these ghostly men, these trusting boys? How do you fight an enemy who fights with neither enmity nor anger but in submission to orders from superiors, without protest and without conscience? — Amitav Ghosh

The first task of the poet is to create the person who will write the poems. — Stanley Kunitz

The subprime mortgage machine was up and running again, as if it had never broken down in the first place. If the first act of subprime lending had been freaky, this second act was terrifying. Thirty billion dollars was a big year for subprime lending in the mid-1990s. In 2000 there had been $130 billion in subprime mortgage lending, and 55 billion dollars' worth of those loans had been repackaged as mortgage bonds. In 2005 there would be $625 billion in subprime mortgage loans, $507 billion of which found its way into mortgage bonds. — Michael Lewis

Executives and studios really like to have control over their product. They panic or they're not secure enough to trust in the powers of really amazing improv people. — Harland Williams

default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG - American International Group, Inc. Or, rather, a unit of AIG called AIG FP. AIG Financial Products was created — Michael Lewis