Salomon Brothers Quotes

“The Piranha didn’t talk like a person. He said things like “If you fuckin’ buy this bond in a fuckin’ trade, you’re fuckin’ fucked.” And “If you don’t pay fuckin’ attention to the fuckin’ two-year, you get your fuckin’ face ripped off.” Noun, verb, adjective: fucker, fuck, fucking. No part of speech was spared. His world was filled with copulating inanimate objects and people getting their faces ripped off.”
― Michael Lewis, Liar's Poker

“What Gutfreund said has become a legend at Salomon Brothers and a visceral part of its corporate identity. He said: “One hand, one million dollars, no tears.”
― Michael Lewis, Liar's Poker

“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the trading floor. He’d go upstairs. Lewie would piss on your desk.”
― Michael Lewis, Liar's Poker

“For that purpose, partly as the result of Ranieri’s persistent lobbying, two new facilities had sprung up in the federal government alongside Ginnie Mae. They guaranteed the mortgages that did not qualify for the Ginnie Mae stamp. The Federal Home Loan Mortgage Corporation (called Freddie Mac) and the Federal National Mortgage Association (called Fannie Mae) between them, by giving their guarantees, were able to transform most home mortgages into government-backed bonds.”
― Michael Lewis, Liar's Poker

“Who do you work for? That question haunted salesmen. Whenever a trader screwed a customer and the salesman became upset, the trader would ask the salesman, “Who do you work for anyway?” The message was clear: You work for Salomon Brothers. You work for me. I pay your bonus at the end of the year. So just shut up, you geek.”
― Michael Lewis, Liar's Poker

“That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and put his finger on the pulse of the market. If the market felt fidgety, if people were scared or desperate, he herded them like sheep into a corner, then made them pay for their uncertainty. He sat on the market until it puked gold coins. Then he worried about what he wanted to do.”
― Michael Lewis, Liar's Poker

“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).”
― Michael Lewis, Liar's Poker

“How could anyone be so stupid as to trust a trader? The best thing I could do was pretend to others at Salomon that I had meant to screw the customer. People would respect that. That was called jamming. I had just jammed bonds, albeit unknowingly, for the first time. I had lost my innocence.”
― Michael Lewis, Liar's Poker