Friday 9 December 2016

Market wobbles as past catches up with bad banks

Published 18/02/2016 | 02:30

Michael Lewis - the only man who can make a collateralised debt obligation funny - must be having a right old chuckle. Just as the film based on his book of the same name, 'The Big Short', is showing in cinemas, the financial markets are having a Big Wobble.

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There is even more fun - though that is hardly the right word - to be had from the fact that the biggest a wobble is at Deutsche Bank, where shares have fallen to the levels of 1984. The bank features prominently in the book and the movie.

The film makes an entertaining, although probably unsuccessful attempt, to explain mysterious initials like CDO and CDS in its story of what caused the financial crash and the handful of people who saw it coming and made lots of money placing large bets on the outcome.

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