Quote of the Day: Bond Trading Will Go the Way of Smoking on Airplanes

Michael Lewis on the impact of the SEC suit

"Just as there was a time when people could smoke on airplanes, or drive drunk without guilt, there was a time when a Wall Street bond trader could work with a short seller to create a bond to fail, trick and bribe the ratings companies into blessing the bond, then sell the bond to a slow-witted German without having to worry if anyone would ever know, or care, what he'd just done.

That just changed."

--Michael Lewis on the impact of the SEC lawsuit on Goldman Sachs in a column for Bloomberg. (See Michael Lewis's Media Diet here.)