Against the Rules: The Big Short Companion How the Financial Crisis Broke Wall Street
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Nov 18, 2025 
In a riveting discussion, Michael Lewis chats with Matt Levine, a Bloomberg Opinion columnist and former Goldman Sachs investment banker. They delve into what the financial crisis revealed about Wall Street, exploring how risk shifted post-2008 to hedge funds and high-frequency trading firms. Levine highlights Bitcoin's emergence as a reaction to the crisis and warns that short-term funding remains a crux for financial turmoil. He also shares insights on the rise of stablecoins and the evolving landscape of bank regulation, hinting at where the next financial shakeup might occur.
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Waking To Lehman's Collapse
- Matt Levine recalls being in Napa when Lehman filed and feeling like the world had ended while others acted normal.
- He returned to Goldman, sat at his desk for months with no deals, panicked, and watched colleagues get laid off.
Bonus Survived, Team Didn't
- Levine says he did not get zeroed on his 2009 bonus but it was much lower than prior years.
- He watched people on his desk get laid off while he kept working through the freeze.
Risk—and Prestige—Moved Off Banks
- The crisis shifted high-risk trading away from big investment banks to hedge funds, asset managers, and HFT firms.
- Banks became more constrained by regulation and shareholders, reducing their balance-sheet risk-taking.