Author Michael Lewis on Wall Street’s delusion

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CBS’s “60 Minutes” has just spent two days interviewing Michael Lewis at his home in California. Lewis, of course, is the author of Liar’s Poker, The New New Thing, Moneyball, The Blind Side, Panic, Home Game and hot-off-the-press The Big Short: Inside the Doomsday Machine. His new book explains how some of Wall Street’s finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets.

michael-lewis

Part 1:
Lewis writes about a handful of Wall Street outsiders who realized the subprime mortgage business was a house of cards and found a way to bet against it.


Watch CBS News Videos Online

Part 2:
Lewis talks about the current situation on Wall Street, the large bonuses still being paid and his predictions for the future of the industry.


Watch CBS News Videos Online

The following extra segments are also featured:

Web Extra: Is Wall Street Overpaid?
Web Extra: Bailout Blues
Web Extra: The $8.4 Billion Bet
Web Extra: Wall Street Misfit
Web Extra: The Blind Side

Source: CBS 60 Minutes, March 14, 2010.

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