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Steve Eisman's The Big Short

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Steve Eisman's The Big Short
The Big Short outlines the players of one of the largest financial fiascos of all time. Steve Eisman was a graduate of Harvard Law and University of Pennsylvania. Upon graduating law school he realized he hated law. He was able to get a job at Oppenheimer and Co. as a Junior Equity Analyst because his parents were employed there. They paid his first year salary so that he could be hired. He built credibility with several company profiles that ended up correct. He was not refined as typical Wall Street characters. These characteristics made people either love him or hate him. His coworkers loved him. Those on the other end of his "truths", hated him. He would be upfront and brutal about a company that was not up to snuff. He also exposed CEOs for untruthful business people. He thrived in conflict. He questioned the status quo in everything from business to religion. During Eisman's time at Oppenheimer, mortgage bonds became popular. Mortgage bonds were different from corporate bonds. They were claims on cash flows …show more content…
He and Vinny noticed that the subprime mortgage industry only stated their earnings and very little after that. Delinquency rates were not stated. Vinny realized that something was off as well. Eisman began calling out each subprime loan originators. After quiting at Oppenheimer, Eisman went to Chilton Investment. Since all of the subprime mortgage companies went out of business, he focused on Household Finance Corp. He found they were making dishonest mortgage loans. They were also making a high number of them. He teamed up with ACORN to take action against HFC. They found that the US Attorney General had also investigated but didn’t release their findings. The subprime industry grew to the top companies in mortgage lending. Lehman bros., Bear Sterns, Merrill Lynch and Morgan Stanley. Eisman and Vinny watched the market for the right time to
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