The Big Short
|Publisher||W. W. Norton & Company|
|March 15, 2010|
|Media type||Print (Hardback)|
|LC Class||HC106.83 L5 2010|
|Preceded by||Home Game|
The Big Short: Inside the Doomsday Machine is a non-fiction book by Michael Lewis about the build-up of the housing and credit bubble during the 2000s. The book was released on March 15, 2010 by W. W. Norton & Company. It spent 28 weeks on the New York Times best-seller list.
The Big Short describes several of the key players in the creation of the credit default swap market that sought to bet against the collateralized debt obligation (CDO) bubble and thus ended up profiting from the financial crisis of 2007–2010. The book also highlights the eccentric nature of the type of person who bets against the market or goes against the grain.
The work follows people who believed the bubble was going to burst, like Meredith Whitney, who predicted the demise of Citigroup and Bear Stearns; Steve Eisman, an outspoken hedge fund manager; Greg Lippmann, a Deutsche Bank trader; Eugene Xu, a quantitative analyst who created the first CDO market by matching buyers and sellers; the founders of Cornwall Capital, who started a hedge fund in their garage with $110,000 and built it into $120 million when the market crashed; and Dr. Michael Burry, an ex-neurologist who created Scion Capital despite suffering from blindness in one eye and Asperger's syndrome.
The book also highlights some people involved in the biggest losses created by the market crash: like Merrill's $300 million mezzanine CDO manager Wing Chau; Howie Hubler, infamously known as the person who lost $9 billion in one trade, the largest single loss in history; and Joseph Cassano's AIG Financial Products, which suffered over $99 billion in losses.
The book was shortlisted for the 2010 Financial Times and Goldman Sachs Business Book of the Year Award. It spent 28 weeks on the New York Times non-fiction bestseller list.
It also received the Robert F. Kennedy Center for Justice and Human Rights 2011 Book award given annually to a novelist who "most faithfully and forcefully reflects Robert Kennedy's purposes - his concern for the poor and the powerless, his struggle for honest and even-handed justice, his conviction that a decent society must assure all young people a fair chance, and his faith that a free democracy can act to remedy disparities of power and opportunity."
Adam McKay is set to direct the film adaptation.
- Lewis, Michael, "Betting on the Blind Side", Vanity Fair (magazine), April 2010
- "Stories on Howie Hubler", The New York Observer
- "U.S. offers more funds to help fraught AIG: $30 billion more in loans; $61.7 billion lost in the fourth quarter", MSNBC, March 2, 2009.
- "RFK Center Book Awards".
- The Big Short, at W. W. Norton (official book site)
- 'Shorting our Future', a review of The Big Short in The Oxonian Review