Liars Poker Summary

1248 Words5 Pages
Liars Poker Book Summary Liar’s poker begins with Michael Lewis’s journey of becoming an investment banker for the Solomon Brothers during the late 1970’s through the late 1980’s. First when Michael interviewed for Lehman Brothers he was rejected on the spot when he said something that he thought they wanted to hear. When asked why he wanted to be an investment banker, he replied, “ I want to make money”. From this he learned that even though most people on Wall Street did it for the money, he must play the game of Liars Poker and keep these reasons hidden. After not receiving the job at Lehman Brothers, Michael was invited to a dinner from a cousin in London with the queen. Michael Lewis was given the job at Solomon Brothers by a mere coincidence. After having a dinner with two wives of senior managing directors at Solomon Brothers, he landed and interview and learned that in order to get the job you must take the job from the company. The first year for new hires at Solomon Brothers consisted of training. The trainees were people like him who were just out of college. During the training session the trainees were placed in different departments at the firm. Michael was placed in London to become a bond salesman. Even though he was not picked to become a mortgage trader (the most desirable position because it made the most money), he was relieved to not be in the equity department. All of the trainees did not want to be in equities because it was the bottom of the food chain. It made the least amount of money and it was the least respected position at Solomon. When placed as a bond salesman, he entered into a new mortgage department which was ran by Robert Dall at first, until Lewis Ranieri took over. At first the business was slow, but when congress passed a tax break to save banks from going into bankruptcy, the thrifts (savings and loans) could then

More about Liars Poker Summary

Open Document