Attention Wall Street:
If you were mentioned in either The Greatest Trade Ever, The Big Short or The Quants, now may be a good time to talk to a lawyer.
I think that pretty much sums it up.
These three books, which expertly dissected the activities in the mortgage, CDO and CDS markets before and during the crash, are apparently fertile hunting grounds for liability in the eyes of the Federales.
This morning comes word that Howie Hubler’s activities on the CDO/Mortgage desk at Morgan Stanley are being probed. He was one of the crucial characters in these books, even though he was painted as a sympathetic cog in the machine, for the most part.
Last month, the Goldman boys and John Paulson’s hedge fund were the talk of the town. Can Deutsche Bank, whose exploits in the mortgage market were also heavily detailed in Greg Zuckerman’s The Greatest Trade Ever, go unmentioned forever?
I doubt that there is an investigator on any of these cases and probes that hasn’t read these three books. If your role in the credit crisis features prominently in any of them, you may want to seek representation.
The more you know…