Malcolm Berko, Taking Stock

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How leverage poked holes in Alan Greenspan’s theory

 
By Malcolm Berko    Comment on this article Leave a comment
Published: November 16, 2008

Dear Mr. Berko: Can you explain how the big Wall Street firms used leverage, why they used it, and why it was believed to be so profitable? Please explain it in simple English so I can understand. And can you explain how these firms like Merrill Lynch, Lehman Bros. and Bear Stearns got beaten up so badly when the mortgage bonds they owned fell in market value? I know why you call Alan Greenspan "The Mumbler,” but why do other pundits call him "Easy Al?” My investment club would really appreciate your thoughts.

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