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$1 Billion Bet Against Subprime was Good

Video of Jon Stewart interviewing "Big Short" author Michael Lewis


March 15, 2010


A few investors were savvy enough to bet against subprime mortgages before it all went bust. One of them began betting against subprime loans in 2005 and eventually upped his bet to $1 billion.

As a guest on the Daily Show With Jon Stewart, Michael Lewis -- author of The Big Short - Inside the Doomsday Machine -- talked about how 10 to 12 investors saw the financial crisis coming and made money from their insight. One of those who profited, Michael Bury, started betting against subprime mortgages in 2005 and eventually increased his bet to $1 billion.

Lewis noted that the seeds of the crisis were already sown well before the collapse of Bear Stearns and Lehman Brothers, stating, "All the bad subprime loans and all the bad bonds and all the risk was placed between '05 and '07."



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