“”The leverage party’s over for the masters of the universe. Shed a tear. When you trade pieces of paper for other pieces of paper instead of trading them for real things, one day someone wakes up and realizes the paper’s worth nothing. And Lehman Brothers, after 158 years, has gone poof in the night.
We’re witnessing the passing of more than a venerable firm. We’re seeing the death of a culture.
Cohen writes about the potential end of Money and Me. Well done.
