Michael Lewis

October 28, 2014 - Michael Lewis 10/28/2014 Views: 10,509

"Liar's Poker" author Michael Lewis discusses the questionable ethics of Wall Street and plays a high-stakes game with Stephen. (6:45)

>> Stephen: WELCOME BACK,EVERYBODY!

MY GUEST IS THE ACCLAIMED AUTHOROF "FLASH BOYS," "THE BLIND

SIDE," AND "THE BIG SHORT."

I CAN'T WAIT TO SEE WHATADJECTIVE AND NOUN HE PAIRS

NEXT.

PLEASE WELCOME MICHAEL LEWIS! (CHEERS AND APPLAUSE)

HEY, MICHAEL!

GOOD TO SEE YOU!

>> GOOD TO SEE YOU!

>> Stephen: I DIDN'T KNOW WEWERE DRESSING FOR BOCA RATON

TONIGHT(LAUGHTER)

YOU LOOK SO SUMMERY, I WANT TOHAVE A GIN AND TONIC SITTING

ACROSS FROM THAT OUTFIT.

>> I'M JUST TRYING TO PUT YOUAT YOUR EASE.

>> Stephen: I'M TOTALLY AT EASE.

>>YOU'RE ALWAYS A LITTLE TENSE

>> Stephen: YOU'RE A FRIEND OFTHE SHOW,

THIS IS YOUR FOURTH TIME BACK.THANK YOU FOR BEING HERE.

>> MY PLEASURE.

>> Stephen: EVERYBODY WHOWATCHES THE SHOW KNOWS YOU'RE

THE AUTHOR OF FLASH BOYS, THEBIG SHORT, THE BLIND SIDE,

MONEY BALL, AMONG MANY OTHERS,ALL BEST SELLERS

AND YOU'RE HERE TONIGHT TO TALKABOUT

SOMETHING VERY SPECIAL, THE25th ANNIVERSARY OF YOUR FIRST

BOOK "LIAR'S POKER: RISINGTHROUGH THE WRECKAGE ON

WALL STREET."

WHAT HAS CHANGED 25 YEARS LATERABOUT WHAT WE NEED TO REMEMBER

ABOUT THE GO-GO '80s.

YOU KNOW, REAGAN, MORNING INAMERICA, DEFEATING THE EVIL

EMPIRE, BRIGHT LIGHTS, BIG CITY,YOU KNOW, MASTERS OF THE

UNIVERSE.

>> YES.

SO YOUR QUESTION IS?

>> Stephen: WHAT HAS CHANGEDON WALL STREET OR HAS ANYTHING

CHANGED?

>> NOT MUCH.

I TELL YOU WHAT'S CHANGED, IT'SGOTTEN MUCH BETTER AT DISGUISING

WHAT IT'S DOING, AND IT'S HARDERTO UNDERSTAND IT FROM THE

OUTSIDE THAN IT WAS.

>> Stephen: COMPUTERS DO A LOTOF THE TRADING NOW, DON'T THEY?

>> YES, IN THE STOCK MARKET, ALLOF IT.

>> Stephen: DO THEY DO MOST OFTHE COCAINE, TOO?

(APPLAUSE)>> JUST THE STRIPPERS.

>> Stephen: YEAH, OKAY.

ALL RIGHT.

YOU HAVE A VERY, LIKE, JAUNDICEDVIEW OF WALL STREET.

YOU WORKED THERE -->> I DON'T THINK I HAVE A

JAUNDICED VIEW.

>> Stephen: YOU DON'T?

NO, I HAVE -- WELL, WHEN IWORKED THERE, I HAD KIND OF A

LOVING VIEW OF IT.

>> Stephen: THEN WHY DID YOULEAVE, BABY?

COULDN'T RUN WITH THE BIG DOGS?

WHY DID YOU GET OUT?

TOO HOT FOR YOU?

WHY DID YOU LEAVE?

>> I THINK I WASN'T VERY GOOD ATIT, TO START WITH.

>> Stephen: YOU PUT YOURSELFIN THE POSITION OF ANALYZING,

CRITICIZING IT.

>> WRITING A STORY ABOUT IT MORETHAN ANYTHING.

>> Stephen: C'MON, MAN THIS ISAN INDICTMENT OF WALL STREET.

>> NO, ACTUALLY I THINK THE BIGSHORT AND FLASH BOYS

ARE INDICTMENTS OF WALL STREET.

>> Stephen: I HAVEN'T READ ANYOF THEM

>> IT'S AMAZING, YOU WOULD HAVEDONE VERY WELL

ON WALL STREET BECAUSE YOU HAVETHE CENTRAL QUALITY OF A

WALL STREET PERSON.

>> Stephen: BALLS.

(APPLAUSE)WHAT ELSE DO YOU NEED?

IS THERE SOMETHING ELSE YOUNEED?

>> YOU'RE OFTEN WRONG BUT SELDOMIN DOUBT.

>> Stephen: I MAY BE FACTUALLYINACCURATE BUT I GET TO THE

HEART OF WHAT FELT RIGHT.

>> THAT'S RIGHT, AND YOU'RETOTALLY SURE OF YOURSELF.

>> Stephen: I'M ALL IN ALL THETIME. BALLS TO THE WALL,

MY FRIEND!

>>THAT'S RIGHT, SO EVEN THOUGHYOU HAVEN'T READ THE BOOK,

YOU HAVE A VERY CLEAR OPINION OFIT.

>> Stephen: YOUR ELIZABETHWARRENS OUT THERE SAY THE STOCK

MARKET IS RIGGED.

>> I SAID IT FIRST.

>> Stephen: REALLY?

FLASH BOYS IS ABOUT THIS.

I THINK THE STOCK MARKET ISRIGGED.

IT'S A VERY WEIRD MARKET.COMPUTERS ARE DOING THE TRADING

BUT SOME PEOPLE'S COMPUTERS GETTO SEE THE PRICES BEFORE OTHERS,

PEOPLE'S COMPUTERS AND YOURCOMPUTER SEES THE PRICES

LAST.

>> Stephen: HOW DO I GET ONEOF THOSE OTHER COMPUTERS?

>> IT TAKES A LOT OF MONEY ANDYOU NEED TO KNOW PEOPLE.

>> Stephen: DOES ANYBODY KNOWHOW WALL STREET WORKS?

DOES ANYBODY KNOW?

BECAUSE I CAN'T UNDERSTAND IT.

I LOOK AT, LIKE, THE NEWS --THIS IS MY SYMBOL FOR NEWS.

>> THAT'S RIGHT.

>> Stephen: I LOOK AT ALL THENEWS.

I DON'T KNOW WHAT'S GOING ON.

THE DOW IS AT 17,005. THAT'SWHAT IT CLOSED AT TODAY.

17,005 DOW POINTS, DOW LINKS.WHATEVER THOSE ARE.

IT SOUNDS LIKE A LOT OF WHATEVERTHOSE ARE.

IS THAT GOOD FOR ME THAT IT ISTHERE AT 17-5?

>> DO YOU OWN SOME OF IT?

>> Stephen: I THINK SO.

WELL, THAT'S GOOD, THAT'S A VERYNICE THING.

>> Stephen: REALLY?

YEAH!

>> Stephen: AREN'T I GETTINGRIPPED OFF BY THE GUYS WHO GET

THERE FIRST?

>> YEAH BUT WHEN YOU TRADE INTHE MARKET, IT'S PENNIES. THE

BEAUTY OF THE RIGGING IS YOUDON'T FEEL IT MUCH IF YOU'RE

JUST AN ORDINARY PERSON.

>> Stephen: REALLY? SO THEY'RESHAVING THE SKIN OFF MY BACK,

SO LITTLE THAT I FEEL LIKE IT'SJUST DERMABRASION?

>> IT'S LIKE A PARTIAL ENEMA.

>> Stephen: IT'S LIKE A PARTIALENEMA?

YEAH.

>> Stephen: JUST ENOUGH!

IT JUST FEELS CLEANSING!

>> Stephen: WOW!

LITERALLY, THAT MEANS THEY'RELITERALLY DOUCHE BAGS.

(APPLAUSE)I HAVE AN IDEA.

DO YOU WANT TO PLAY LIARS POKER?

>> SURE. WHAT ARE WE -->> Stephen: HERE WE GO.

SO YOU LIE TO EACH OTHER ABOUTHOW MANY NUMBERS YOU HAVE

IN THE SERIAL NUMBERS ON A BILL,UNTIL YOU CALL THE OTHER PERSON

DO YOU WANT TO START OR ME?

>> I HAVE A COUPLE OF QUESTIONSFIRST

HAVE YOU SEEN THIS BILL?

>> Stephen: I HAVE NEVER SEENTHIS BILL.

YOU SWEAR?

>> Stephen: YEAH.

YOU WANT TO BET ANYTHING? WHATDO YOU WANT TO BET?

>> WE SHOULD RAISE THE STAKES.

>> Stephen: $10 MILLION. NOTEARS.

(APPLAUSE)

>> I WAS THINKING IF WE'REGOING TO DO THIS --

>> Stephen: LET'S DO THIS[BLEEP], MICHAEL.

>> HOW ABOUT $1,000 TO THECHARITY OF YOUR CHOICE?

>> Stephen: $1,000 TO THECHARITY OF OUR CHOICE, OK

(APPLAUSE)>> DO YOU WANT TO START?

>> Stephen: I'LL START, SURE.

I'LL SAY THERE'S THREE 2s.

>> THREE 9s.

>> Stephen: MAN, YOU JUMPEDIT.

YOU JUMPED IT. I'LL CALL YOU ONTHAT.

>> I GOT ONE.

>> Stephen: I GOT NONE.

$1,000!

MICHAEL LEWIS!

>> I TOLD YOU!

>> Stephen: WHAT?

>> I TOLD YOU I WASN'T ANY GOODAT IT!

THAT'S WHY I LEFT.

I SUCK!

>> Stephen: YOU ENJOY CUTTINGTHAT CHECK TO THE N.R.A., MY

FRIEND!

MICHAEL LEWIS, "LIAR'S POKER"!

WE'LL BE RIGHT BACK!