2min chapter

Against the Rules with Michael Lewis cover image

Other People’s Money: Jacob Goldstein and the Bonds of Wall Street

Against the Rules with Michael Lewis

CHAPTER

Wall Street and Partnerships - What's the Difference?

Wall Street was once a partnership, now it's a public corporation. The old world is symmetric: firm does well, you do well; firm goes under, if they make stupid bets, they lose their money. In the new world, just as it's being born, risk is fluid and can be taken on by any one of us at anytime.

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