So that it does not get lost later in the piece I am also including a radio interview Lewis did with a local NYC radio station discussing the reform, Goldman Sachs, and the defender in chief of Goldman Sachs... a man named Buffet. (17 minutes)
Link to NYTimes op-ed 'Shorting Reform' here:
To: Wall Street chief executives
From: Your man in Washington
Re: Embracing the status quoOur earnings are robust, our compensation has returned to its naturally high levels and, as a result, we have very nearly regained our grip on the imaginations of the most ambitious students at the finest universities — and from that single fact many desirable outcomes follow.
Thus, we have almost fully recovered from what we have agreed to call The Great Misfortune. In the next few weeks, however, ill-informed senators will meet with ill-paid representatives to reconcile their ill-conceived financial reform bills. This process cannot and should not be stopped. The American people require at least the illusion of change. But it can be rendered harmless to our interests.
To this point, we have succeeded in keeping the public focused on the single issue that will have very little effect on how we do business: the quest to prevent taxpayer money from ever again being used to (as they put it) “bail out Wall Street.”
As we know, we never needed their money in the first place, and by the time we need it again, we’ll be long gone. If we can keep the public, and its putative representatives, fixated on the question of whether their bill does, or does not, ensure there will be no more bailouts, we may entirely avoid a discussion of our relationship to the broader society.
Working together as a team we have already suppressed debate on many dangerous ideas: that those of us deemed too big to fail are too big and should be broken up, for instance, or that credit default swaps and collateralized debt obligations and other financial inventions should simply be banned. We are now at leisure to address the few remaining threats to our way of life.
It goes happily from there :) (click here for rest of it)
[Mar 15, 2010: [Video] 60 Minutes- Michael Lewis, Inside the Collapse]
[Jun 14, 2009: Fareed Zakaria with Michael Lewis]
[Jan 5, 2009: New York Times Opinion Piece by Lewis and Einhorn]