you said. and the lehman president, joe gregory, was a master at disguising just how machiavellian what he was and going on at lehman. so i think in fairness to dick fuld he wasn t the only person blinded as to also all sorts of human resource maneuverings and things happening, the leverage being taken. joe gregory fooled him and fooled a whole lot of are people too. did you get the sense, or maybe you know this in the book, that hiding risk yeah. with the repos on the 105s was a business model. basically take on as much risk as you can, take your garbage, hide it when it is necessary and take more risk? yes. that s fraud! in my book. it was a way of life at lehman and not just the story starts back in the 1970s when the traders would hide their
no change to the credit rating agency. and no barriers to the revolving door between the government, the s.e.c. and wall street. joining us now a man that is intimately familiar with all of these problems, michael lewis, his latest book, the big shore which basically captures so much of the culture going on wall street at this point in time. just hit number one on the new york times best-seller s list. chronicles that downward spiral. and michael, you ve made it very clear. cops working for the crooks. everything that i was just discussing but how do you stop it. you put it a little bit more bluntly than i do, dylan. but it is no question that there s this problem of a revolving door. the last three of the last four directors of enforcement at s.e.c. have taken up resonance on wall street. you know all industries have this problem of regulatory capture. but when the difference between what you re paid to work at the s.e.c. and what you re paid to work at goldman sachs is so vast
to aig and say and says, would you like to insure $20 billion of subprime mortgage debt? aig can look at the screen and see where that s trading in the market rather that being a deal cut between just two people that has enormous consequences. you re optimistic that we ll actually get real capitalism back in this country. i do. i do. yes, i am. because i think that the politics are so clear. listen, michael, a pleasure to spend a little bit of time. thank you for paying us a visit. the book the big short. i didn t have enough time for dig list. ninchts t. chemist says he can create energy with a water bottle. mimics how plants take sunlight, combine it with water and make energy. the future of energy may well be in our pockets in your hand. you may have a little bit of energy bottle with you. i can t help but talk about these things because i think they re very exciting. anyway, up next, is george w. bush busted? the video of our previous president in haiti that has a lot
unfortunately all too similar behavior in a new book the devils kasino for the first time ever reveals how four working class guys from long island, more from wall street s good guys to some its most corrupt players whose actions nearly collapsed the entire u.s. economy. joining us now the author of that book vicky ward also a contributing editor for vanity fair. congratulations on the bill. thank you, dylan. and i will quote from the book ceo dick fuld neither a leader but a dazzling intelligent but many years widely considered as someone who had very little to do with his employees or business operations. does that further indict him for his business practices or does it exonerate him in your view? well, i think, well, legally it has to indict mimt ceo s not supposed to be disengaged from his business. he s supposed to be running it. having said that, i think that what the book the book is about four people, primarily as