The Big Short - Michael Lewis

On the surface, it`s hard to find the good guys, the heroes, in this story. Three years we are living in the aftermath   - S&P, who just downgraded the U.S.`s credit rating and sparked a massive dip in the stock market, plays a role in this book as one of the agencies that continued to give triple A ratings to mortgage backed securities, even though they were junk.  It reminded me of the moral universe in a James Ellroy novel - everyone is selfish and corrupt, so the hero is the person who is the least corrupt, or at least corrupt for a reason.

The story follows a few individuals saw the impending economic doom of the sub-prime mortgage, and shorted the market (and made a fortune in doing so)  They are colorful characters - a medical doctor with Aspger`s, a socially stunted trader, three California dudes who have little idea what they are actually doing - and the author spends considerable time with them, providing some solid reporting and character background.  The usual suspects are here - Goldman Sachs, Bear Sterns, AIG - and what struck me is how they managed to not only screw people and businesses over and make millions, but it was all technically legal - it was so far out in front that no one had any idea if it should be against the law or not.