Just imagine what Michael Lewis must think of the FIFA scandal. Although Michael Lewis is a prolific non-fiction author who has written about the misdeeds and abuses of Wall Street for a quarter of a century, he has never seen the highest law enforcement officials in the land throw the book at Wall Street as they did last week at the world soccer organization known as FIFA.
Lewis first burst on the scene 25 years ago when he published Liar’s Poker. Liar’s Poker described the world of bond trading and the development of mortgage-backed securities at Salomon Brothers where Lewis worked.
Salomon Brothers was the gorilla on Wall Street back then, before collapsing in ignominy in the wake of its failed effort to rig the Treasury auction. But mortgage-backed securities lived on, and ultimately morphed into the complex securities that brought the world financial system to its knees in 2008.