Bankruptcy of Lehman Brothers
Young trader: “a perverse and at times terrifying culture existed”

Unfortunately, what I eventually came to learn, and this took time, was that what was really happening was a simple transfer of wealth, more often than not from the less intelligent and informed to the more so. I worked in a highly opaque market. There was no price ticker scrolling across our screens telling us what these bonds and derivatives we traded were worth. In fact, no one really knew what any of this stuff was worth. Which, it turns out, is a trader’s field day.

This article was originally published by New York Magazine but is now available on the author's website.
Read more here.

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