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60-473: Salomon Brothers served many of the largest corporations in America. It was a leading underwriter of corporate bonds and one of the top firms in futures and options (known as "derivatives") and in securitization in a range of asset classes including commercial real estate securities. The bank was famed for its "cutthroat corporate culture that rewarded risk-taking with massive bonuses, punishing poor results with

120-462: A hedge fund that collapsed in 1998. The last years of Salomon Brothers, culminating in its involvement with LTCM, is chronicled in the 2007 book A Demon of Our Own Design . Salomon (NYSE:SB) was acquired by Travelers Group in 1997; and, following the latter's merger with Citicorp in 1998, Salomon became part of Citigroup . The combined investment banking operations became known as Salomon Smith Barney. 7 World Trade Center , which had served as

180-487: A partnership until the early 1980s. William Salomon , the son of Percy Salomon, became a managing partner and the head of the company in 1963. In 1967, Salomon Brothers sponsored Muriel Siebert , the first woman to obtain a trading license on the floor of the New York Stock Exchange. In 1975, Salomon Brothers was formally recognized by other top investment banks as a "bulge bracket" firm, meaning it

240-523: A Game was his first to be adapted into a film, The Blind Side (2009). In 2010, he released The Big Short: Inside the Doomsday Machine . The film adaptation of Moneyball was released in 2011, followed by The Big Short in 2015. Lewis's books have won two Los Angeles Times Book Prizes and several have reached number one on The New York Times Best Seller list , including his most recent book, Going Infinite (2023). Lewis

300-465: A bond salesman at Salomon Brothers in London . Lewis presented an insider description of life at Salomon Brothers, and his book became a seminal work in terms of understanding the corporate culture at Salomon Brothers in the 1980s. Lewis describing the trading floor at Salomon: Because the forty-first floor was the chosen home of the firm's most ambitious people, and because there were no rules governing

360-608: A bond salesman for a few years. He has said that the journalism from this era found in The Economist and The Wall Street Journal inspired him to explore becoming a writer. Lewis described his experiences at Salomon and the evolution of the mortgage-backed bond in Liar's Poker (1989). In The New New Thing (1999), he investigated the then-booming Silicon Valley and the obsession with innovation. Four years later, Lewis wrote Moneyball (2003), in which he investigated

420-498: A bond salesman for a few years. He has said that the journalism from this era found in The Economist and The Wall Street Journal inspired him to explore becoming a writer. Lewis described his experiences at Salomon and the evolution of the mortgage-backed bond in Liar's Poker (1989). In The New New Thing (1999), he investigated the then-booming Silicon Valley and the obsession with innovation. Four years later, Lewis wrote Moneyball (2003), in which he investigated

480-500: A fine of $ 100,000 and Gutfreund being barred from serving as a chief executive of a brokerage firm. Warren Buffett briefly stepped into the CEO and chairman position. Buffett later promoted Deryck Maughan to take over as chairman and CEO. The scandal was then documented in the 1993 book Nightmare on Wall Street . The firm was acquired by Travelers Group in 1997. The firm's top bond traders called themselves "Big Swinging Dicks," and were

540-563: A former Wall Street insider (as a Debevoise & Plimpton lawyer primarily for Wall Street financial firms) who later served as the U.S. Securities and Exchange Commission (SEC) Chair, denied the book's premise, saying, "The markets are not rigged". In June 2014, White announced that the SEC would undergo a new round of regulatory review in response to concerns about dark pools and market structure. Book critics widely praised Lewis's The Undoing Project , with Glenn C. Altschuler writing in

600-515: A former Wall Street insider (as a Debevoise & Plimpton lawyer primarily for Wall Street financial firms) who later served as the U.S. Securities and Exchange Commission (SEC) Chair, denied the book's premise, saying, "The markets are not rigged". In June 2014, White announced that the SEC would undergo a new round of regulatory review in response to concerns about dark pools and market structure. Book critics widely praised Lewis's The Undoing Project , with Glenn C. Altschuler writing in

660-574: A group of former employees and execs and operate as full-service investment bank again. Founded in 1910 by Arthur, Herbert, and Percy Salomon and a clerk, Ben Levy. The founding Salomon Brothers are descendants of Haym Salomon , primary financier of the American Revolutionary War, Consul to France, and childhood friend to Robert Morris, Founding Father and Superintendent of Finance of the United States. The company remained

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720-407: A quote by Trump advisor Steve Bannon in its title: "This Guy Doesn't Know Anything". The excerpt was republished again among a review of the most popular articles of the year. In 2018, Lewis wrote and narrated The Coming Storm for Audible Studios , which released the short nonfiction story as part of its new Audible Originals series of audiobooks . In 2023, he wrote Going Infinite , about

780-407: A quote by Trump advisor Steve Bannon in its title: "This Guy Doesn't Know Anything". The excerpt was republished again among a review of the most popular articles of the year. In 2018, Lewis wrote and narrated The Coming Storm for Audible Studios , which released the short nonfiction story as part of its new Audible Originals series of audiobooks . In 2023, he wrote Going Infinite , about

840-538: A result. In 1975, Salomon Brothers also aided the state’s efforts to save New York City from bankruptcy. When the Municipal Action Committee (MAC) was established and bonds were created in its name, Salomon Brothers and Morgan Guaranty Trust organized syndicates for the $ 1 billion bond sale. Both of the organizations were able to place the bonds successfully. In 1978, John Gutfreund became a managing partner, and succeeded William Salomon as head of

900-572: A script for a Liar's Poker film. During 2013 in Vanity Fair , Lewis wrote on the injustice of the prosecution of ex- Goldman Sachs programmer Sergey Aleynikov , who is given an entire chapter in Flash Boys . Flash Boys , which looked at high-frequency trading of Wall Street and other markets, was released in March 2014. In 2016, Lewis published The Undoing Project , chronicling

960-404: A script for a Liar's Poker film. During 2013 in Vanity Fair , Lewis wrote on the injustice of the prosecution of ex- Goldman Sachs programmer Sergey Aleynikov , who is given an entire chapter in Flash Boys . Flash Boys , which looked at high-frequency trading of Wall Street and other markets, was released in March 2014. In 2016, Lewis published The Undoing Project , chronicling

1020-477: A swift boot." In Michael Lewis ' 1989 book Liar's Poker , the insider descriptions of life at Salomon gave way to the popular view of banking in the 1980s and 1990s as a money-focused and work-intensive environment. It was acquired by Travelers Group in 1997, which in turn became part of Citigroup the next year. In February 2022, it was announced that the Salomon Brothers brand will be revived by

1080-483: Is an American author and financial journalist . He has also been a contributing editor to Vanity Fair since 2009, writing mostly on business, finance, and economics. He is known for his nonfiction work, particularly his coverage of financial crises and behavioral finance . Lewis was born in New Orleans and attended Princeton University , from which he graduated with a degree in art history . After attending

1140-512: The Pittsburgh Post-Gazette that it "may well be his best book". His 2023 book Going Infinite , an intimate account of Sam Bankman-Fried and his firm FTX , was written while FTX was collapsing and published the day Bankman-Fried's trial on charges of fraud and money laundering began. Lewis was criticized for giving Bankman-Fried's explanations for FTX's losses excessive deference, with journalist Michael Hiltzik calling

1200-438: The Pittsburgh Post-Gazette that it "may well be his best book". His 2023 book Going Infinite , an intimate account of Sam Bankman-Fried and his firm FTX , was written while FTX was collapsing and published the day Bankman-Fried's trial on charges of fraud and money laundering began. Lewis was criticized for giving Bankman-Fried's explanations for FTX's losses excessive deference, with journalist Michael Hiltzik calling

1260-588: The Dad Again column for Slate . Lewis worked for Conde Nast Portfolio , but in February 2009 left to join Vanity Fair , where he became a contributing editor. In September 2011, after the successful release of the film adaptation of Moneyball , it was reported that Lewis planned to take on "a much more active role in the what could be the next film based on one of his books" and would start writing

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1320-418: The Dad Again column for Slate . Lewis worked for Conde Nast Portfolio , but in February 2009 left to join Vanity Fair , where he became a contributing editor. In September 2011, after the successful release of the film adaptation of Moneyball , it was reported that Lewis planned to take on "a much more active role in the what could be the next film based on one of his books" and would start writing

1380-528: The Department of Energy and the Department of Agriculture . His articles described a sense of incredulity and disillusionment from career civil servants, particularly because of the Trump administration's lack of attention to some of their work, and the lack of care, knowledge, experience, and respect from Trump political appointees. That material was incorporated into Lewis's book The Fifth Risk , which

1440-418: The Department of Energy and the Department of Agriculture . His articles described a sense of incredulity and disillusionment from career civil servants, particularly because of the Trump administration's lack of attention to some of their work, and the lack of care, knowledge, experience, and respect from Trump political appointees. That material was incorporated into Lewis's book The Fifth Risk , which

1500-589: The London School of Economics , he began a career on Wall Street during the 1980s as a bond salesman at Salomon Brothers . The experience prompted him to write his first book, Liar's Poker (1989). Fourteen years later, Lewis wrote Moneyball: The Art of Winning an Unfair Game (2003), in which he investigated the success of the Oakland Athletics baseball team and their general manager Billy Beane . His 2006 book The Blind Side: Evolution of

1560-528: The bond market . The firm competed for the leveraged buyout of RJR Nabisco and the leveraged buyout of Revco stores (which ended in failure). In 1987, a New York Times report identified Salomon Brothers as in the top tier of firms along with Merrill Lynch, Morgan Stanley and Goldman Sachs. Salomon Brothers' success in the 1980s is documented in Michael Lewis ' 1989 book, Liar's Poker . Lewis went through Salomon's training program and then became

1620-482: The Bankman-Fried hype a "torrent of nonsense". The New York Times wrote of Lewis's extensive access to Bankman-Fried that he had "a front-row seat—from which he could apparently see nothing." Others praised Lewis's storytelling, with The New Yorker calling the book "stupefyingly pleasurable" to read and filling "many gaps" in the story, ultimately predicting that the book "may one day be regarded as either

1680-419: The Bankman-Fried hype a "torrent of nonsense". The New York Times wrote of Lewis's extensive access to Bankman-Fried that he had "a front-row seat—from which he could apparently see nothing." Others praised Lewis's storytelling, with The New Yorker calling the book "stupefyingly pleasurable" to read and filling "many gaps" in the story, ultimately predicting that the book "may one day be regarded as either

1740-780: The Rules is produced by Pushkin Industries , the media company founded by journalist Malcolm Gladwell and former Slate executive Jacob Weisberg . On January 12, 2020, Lewis appeared as one of the castaways on BBC Radio 4 's Desert Island Discs . In a review of Moneyball , Dan Ackman of Forbes said that Lewis had a special talent: "He can walk into an area already mined by hundreds of writers and find gems there all along but somehow missed by his predecessors". A New York Times piece said that "no one writes with more narrative panache about money and finance than Mr. Lewis", praising his ability to use his subject's stories to show

1800-669: The Rules is produced by Pushkin Industries , the media company founded by journalist Malcolm Gladwell and former Slate executive Jacob Weisberg . On January 12, 2020, Lewis appeared as one of the castaways on BBC Radio 4 's Desert Island Discs . In a review of Moneyball , Dan Ackman of Forbes said that Lewis had a special talent: "He can walk into an area already mined by hundreds of writers and find gems there all along but somehow missed by his predecessors". A New York Times piece said that "no one writes with more narrative panache about money and finance than Mr. Lewis", praising his ability to use his subject's stories to show

1860-507: The United States and packaged them into mortgage-backed securities, which it sold to local and international investors. Later, it moved away from traditional investment banking (helping companies raise funds in the capital market and negotiating mergers and acquisitions ) to almost exclusively proprietary trading (the buying and selling of stocks , bonds, options , etc. for the profit of the company itself). Salomon had expertise in fixed income securities and trading based on daily swings in

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1920-504: The close academic collaboration and personal relationship between Israeli psychologists Amos Tversky and Daniel Kahneman . The duo found systemic errors in human judgment under uncertainty, with implications for models of decision-making in fields such as economics, medicine, and sports. In 2017, Lewis wrote a series of articles for Vanity Fair in which he described the Trump administration's approach to various federal agencies, including

1980-453: The close academic collaboration and personal relationship between Israeli psychologists Amos Tversky and Daniel Kahneman . The duo found systemic errors in human judgment under uncertainty, with implications for models of decision-making in fields such as economics, medicine, and sports. In 2017, Lewis wrote a series of articles for Vanity Fair in which he described the Trump administration's approach to various federal agencies, including

2040-601: The company. In 1981, it was acquired by the commodity trading firm Phibro Corporation and became Salomon Inc . It was the reverse merger that enabled Gutfreund to take the company public. Gutfreund became the CEO of the company following the reverse merger. During the 1980s, Salomon was noted for its innovation in the bond market, selling the first mortgage-backed security , a hitherto obscure species of financial instrument created by Ginnie Mae . Shortly thereafter, Salomon purchased home mortgages from thrifts throughout

2100-513: The cryptocurrency exchange FTX , its CEO, Sam Bankman-Fried , and what came to be the collapse of FTX . Lewis's podcast, Against the Rules , first aired on April 2, 2019. The first season comprised seven episodes, each taking on a different aspect of society addressing the concept of fairness "in realms ranging from art authentication to consumer finance". The show often refers to the growing social distrust for authority, and refers to different types of public officials as "referees." Against

2160-513: The cryptocurrency exchange FTX , its CEO, Sam Bankman-Fried , and what came to be the collapse of FTX . Lewis's podcast, Against the Rules , first aired on April 2, 2019. The first season comprised seven episodes, each taking on a different aspect of society addressing the concept of fairness "in realms ranging from art authentication to consumer finance". The show often refers to the growing social distrust for authority, and refers to different types of public officials as "referees." Against

2220-504: The end of the 20th century baseball had achieved a greater level of competitive balance than at any time in the game's history... Moneyball doesn't just get the state of present-day baseball wrong; it also misrepresents the history of the sport." Lewis's Flash Boys: A Wall Street Revolt ignited a new round of controversy surrounding high-frequency trading . At a House Financial Services Committee hearing in April 2014, Mary Jo White ,

2280-452: The end of the 20th century baseball had achieved a greater level of competitive balance than at any time in the game's history... Moneyball doesn't just get the state of present-day baseball wrong; it also misrepresents the history of the sport." Lewis's Flash Boys: A Wall Street Revolt ignited a new round of controversy surrounding high-frequency trading . At a House Financial Services Committee hearing in April 2014, Mary Jo White ,

2340-469: The headquarters for Salomon Brothers, continued to be used as the company's main office after the company was merged into Salomon Smith Barney. Although the Salomon name carried on as Salomon Smith Barney, the investment banking operations of Citigroup, the division was renamed on 7 April 2003 to "Citigroup Global Markets Inc." As of 2020, Citigroup no longer owns the Salomon Brothers trademark, according to

2400-469: The inspiration for the novel The Bonfire of the Vanities , written by Tom Wolfe . The expression "Big Swinging Dick(s)" itself was used to refer to the Salomon bankers who dominated the game of extraordinary profit-making. Some members of the Salomon Brothers' bond arbitrage , such as John Meriwether , Myron Scholes and Eric Rosenfeld later became involved with Long-Term Capital Management (LTCM),

2460-476: The period between December 1990 and May 1991. Salomon was fined $ 190   million for this infraction, and required to set aside $ 100   million in a restitution fund for any injured parties. In December 1993, Mozer was sentenced to four months in a minimum-security prison and fined $ 30,000. CEO Gutfreund left the company in August 1991 and a U.S. Securities and Exchange Commission (SEC) settlement resulted in

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2520-472: The pinnacle or the nadir of his career". Lewis has been married three times. He married his first wife, Diane de Cordova Lewis, in 1985. His second marriage was to former CNBC correspondent Kate Bohner ; they got engaged three weeks after their first date. In October 1997, he married former MTV reporter Tabitha Soren . She gave birth to their three children, daughters Quinn and Dixie, followed by son Walker. In 2021, their middle child, daughter Dixie,

2580-472: The pinnacle or the nadir of his career". Lewis has been married three times. He married his first wife, Diane de Cordova Lewis, in 1985. His second marriage was to former CNBC correspondent Kate Bohner ; they got engaged three weeks after their first date. In October 1997, he married former MTV reporter Tabitha Soren . She gave birth to their three children, daughters Quinn and Dixie, followed by son Walker. In 2021, their middle child, daughter Dixie,

2640-527: The problems with the systems around them. Critics from outside the financial industry have criticized Lewis for what they consider inaccuracies in his writing. In a 2011 column in The Atlantic , American journalist and sports author Allen Barra took issue with Lewis's characterization of Major League Baseball in Moneyball , writing, "From a historical standpoint, Lewis is, well, way off base. By

2700-412: The problems with the systems around them. Critics from outside the financial industry have criticized Lewis for what they consider inaccuracies in his writing. In a 2011 column in The Atlantic , American journalist and sports author Allen Barra took issue with Lewis's characterization of Major League Baseball in Moneyball , writing, "From a historical standpoint, Lewis is, well, way off base. By

2760-432: The pursuit of profit and glory, the men who worked there, including the more bloodthirsty, had a hunted look about them. The place was governed by the simple understanding that the unbridled pursuit of perceived self interest was healthy. Eat or be eaten. The men of 41 worked with one eye cast over their shoulders to see whether someone was trying to do them in, for there was no telling what manner of man had levered himself to

2820-511: The records provided by the United States Patent and Trademark Office . Michael Lewis Michael Monroe Lewis (born October 15, 1960) is an American author and financial journalist . He has also been a contributing editor to Vanity Fair since 2009, writing mostly on business, finance, and economics. He is known for his nonfiction work, particularly his coverage of financial crises and behavioral finance . Lewis

2880-536: The rung below you and was now hungry for your job. The limit of acceptable conduct within Salomon Brothers was wide indeed. It said something about the ability of the free marketplace to mold people's behavior into a socially acceptable pattern. For this was capitalism at its most raw, and it was self-destructive... In 1991, U.S. Treasury Deputy Assistant Secretary Mike Basham learned that Salomon trader Paul Mozer had been submitting false bids in an attempt to purchase more treasury bonds than permitted by one buyer during

2940-579: The success of Billy Beane and the Oakland Athletics . In August 2007, he wrote an article about catastrophe bonds , "In Nature's Casino", that ran in The New York Times Magazine . Lewis has worked for The Spectator , The New York Times Magazine , as a columnist for Bloomberg , as a senior editor and campaign correspondent to The New Republic , and a visiting fellow at the University of California, Berkeley . He wrote

3000-442: The success of Billy Beane and the Oakland Athletics . In August 2007, he wrote an article about catastrophe bonds , "In Nature's Casino", that ran in The New York Times Magazine . Lewis has worked for The Spectator , The New York Times Magazine , as a columnist for Bloomberg , as a senior editor and campaign correspondent to The New Republic , and a visiting fellow at the University of California, Berkeley . He wrote

3060-595: The success of the Oakland Athletics baseball team and their general manager Billy Beane . His 2006 book The Blind Side: Evolution of a Game was his first to be adapted into a film, The Blind Side (2009). In 2010, he released The Big Short: Inside the Doomsday Machine . The film adaptation of Moneyball was released in 2011, followed by The Big Short in 2015. Lewis's books have won two Los Angeles Times Book Prizes and several have reached number one on The New York Times Best Seller list , including his most recent book, Going Infinite (2023). Lewis

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3120-464: Was a passenger in a head-on collision with a semi truck near Truckee, California ; the driver, her boyfriend, had inexplicably crossed the median. Both Dixie and her boyfriend were pronounced dead at the scene. Lewis and Soren reside in the Oakland Hills above Berkeley, California . Lewis is an atheist . Michael Lewis (author) Michael Monroe Lewis (born October 15, 1960)

3180-456: Was born in New Orleans and attended Princeton University , from which he graduated with a degree in art history . After attending the London School of Economics , he began a career on Wall Street during the 1980s as a bond salesman at Salomon Brothers . The experience prompted him to write his first book, Liar's Poker (1989). Fourteen years later, Lewis wrote Moneyball: The Art of Winning an Unfair Game (2003), in which he investigated

3240-656: Was born in New Orleans , the son of corporate attorney J. Thomas Lewis and community activist Diana Monroe Lewis. He went to Isidore Newman School . He later attended Princeton University and graduated cum laude with a B.A. in art and archaeology in 1982 after completing a 166-page senior thesis titled " Donatello and the Antique." At Princeton, Lewis was a member of the Ivy Club . He briefly worked with New York City art dealer Daniel Wildenstein . In an interview with Charlie Rose , Lewis said that his initial ambition

3300-546: Was born in New Orleans , the son of corporate attorney J. Thomas Lewis and community activist Diana Monroe Lewis. He went to Isidore Newman School . He later attended Princeton University and graduated cum laude with a B.A. in art and archaeology in 1982 after completing a 166-page senior thesis titled " Donatello and the Antique." At Princeton, Lewis was a member of the Ivy Club . He briefly worked with New York City art dealer Daniel Wildenstein . In an interview with Charlie Rose , Lewis said that his initial ambition

3360-526: Was on the New York Times nonfiction best-seller list for 14 weeks, and described the disconnect between the Obama administration's well-prepared transition plans and the incoming Trump administration's apparent lack of concern. Along with Energy and Agriculture, this book added Commerce among the main departments described. In September 2018, The Guardian published an excerpt from the book, using

3420-411: Was on the New York Times nonfiction best-seller list for 14 weeks, and described the disconnect between the Obama administration's well-prepared transition plans and the incoming Trump administration's apparent lack of concern. Along with Energy and Agriculture, this book added Commerce among the main departments described. In September 2018, The Guardian published an excerpt from the book, using

3480-454: Was one of the leaders in investment banking. In 1979, Salomon Brothers scored a major coup when IBM insisted that Morgan Stanley accept Salomon Brothers as co-manager on a $ 1-billion debt issue for a new generation of IBM computers. Morgan Stanley demanded sole management, but IBM affirmed Salomon Brothers’ role as co-manager. In response, Morgan Stanley refused to act as co-manager, and Salomon Brothers and Merrill Lynch were awarded top billing as

3540-526: Was to become an art historian, but he was quickly dissuaded once he realized that there would be no jobs available for art historians and that even the handful that existed did not pay well. Lewis subsequently enrolled at the London School of Economics and received an MA in economics in 1985. He was hired by Salomon Brothers , stayed for a while in New York for its training program, and then relocated to London , where he worked at its London office as

3600-470: Was to become an art historian, but he was quickly dissuaded once he realized that there would be no jobs available for art historians and that even the handful that existed did not pay well. Lewis subsequently enrolled at the London School of Economics and received an MA in economics in 1985. He was hired by Salomon Brothers , stayed for a while in New York for its training program, and then relocated to London , where he worked at its London office as

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