Review Poker Liar Essay

993 Words Mar 7th, 2014 4 Pages
Brandon Sheppard
Z23077608
Dec. 2, 2010
Inga Chira FIN 3403 2010
Liar’s Poker by Michael Lewis Being a bond trader sounds like a good idea, using someone else’s money to make money. Working on Wall Street would be cool but I don’t think I would like to live in New York plus its cold there. A Bond trader has to have a unique characteristic about them. First, they have to have Masters in Business Administration or mathematics. This would be the first qualification to the job. According the website “ehow”, being a bond trader today is different from the days when traders had a "feel for the market." Today's traders have advanced degrees, use sophisticated modeling techniques, have great drive and can multitask to provide the company
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One thing I didn’t learn that we were dealing trillions of dollars back then I only thought that dealt with mostly billions of dollars not trillions until like 1990 and 2000s. I didn’t know that bonds move so fast in financial markets. Another thing to add to that is in the 1980’s was the sharp explosion in debt, was beyond any historical benchmark. It was way beyond I would have expected relative GNP, relative to monetary expansion was taking place. I learned about the French bond which is called GISCARD and they was trading money for gold I would never do such a thing. The term “Bete Noire” which talks about the European quitting work at 5:00 pm. The book mentioned the LIBOR and TED spread. This LIBOR is the acronym for the London interbank offer rate; it is the interest rate in London that one bank lends to another back at 5 am and 3 am new York time. The TED is the different between the Libor and the interest rate on the three month U.S. treasury bills.
The book Lair’s Poker was a interesting book to read. Before reading the book I was already interested in the financial industry. I always wonder how do they hire traders and would it would be like to become a trader or bondsman. I can recall getting interested into stocks in 2008 right before the recession hit. There were some things I couldn’t figure out. How does some average America make 250 thousand a year they only had a job

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