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“The guest speaker was Herb Sandler, the CEO of a giant savings and loan called Golden West Financial Corporation. “Someone asked him if he believed in the free checking model,” recalls Eisman. “And he said, ‘Turn off your tape recorders.’ Everyone turned off their tape recorders. And he explained that they avoided free checking because it was really a tax on poor people—in the form of fines for overdrawing their checking accounts. And that banks that used it were really just banking on being able to rip off poor people even more than they could if they charged them for their checks.”
― The Big Short: Inside the Doomsday Machine
― The Big Short: Inside the Doomsday Machine
“Steve’s fun to take to any Wall Street meeting,” said Vinny. “Because he’ll say ‘explain that to me’ thirty different times. Or ‘could you explain that more, in English?’ Because once you do that, there’s a few things you learn. For a start, you figure out if they even know what they’re talking about. And a lot of times they don’t!”
― The Big Short: Inside the Doomsday Machine
― The Big Short: Inside the Doomsday Machine
Janusz Mrozek’s 2025 Year in Books
Take a look at Janusz Mrozek’s Year in Books, including some fun facts about their reading.
6 books
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10 friends
885 books
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37 friends
972 books
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24 friends
72 books
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2 friends
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