Friday, March 19, 2010

Author Lewis says Wall Street reckoning is coming

Lewis, promoting his latest book "The Big Short: Inside the Doomsday Machine" about the crisis, predicted a war will be waged in Washington as Senate Banking Committee Chairman Christopher Dodd tries to revamp U.S. financial rules.

"Things can be busted up. I really think there is this collision coming that is just starting to happen with the Dodd bill," Lewis said. "There is a war that is about to happen over not just who regulates Wall Street but what the rules are."

"To put it in the crudest possible way, these firms have to be smaller and less profitable," Lewis told Reuters. "If they were regulated properly and the rules of their game were sane, it would be less profitable to be a trader at a big Wall Street firm ... It is really a war over money." (more)

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