Jack of Diamonds
Greg Lippman
Greg Lippmann traded subprime mortgages at Deutsche Bank during the housing bubble. Well before the
bubble collapsed, he became convinced that the securities backed by subprime mortgages were likely to default.
He made bets on behalf of Deutsche Bank and promoted the idea to select clients to profit from the collapse
of this market. In order to establish these short positions, the bank needed to convince other clients to buy the
securities. Greg Lippmann noted in an e-mail that he would “try to dupe someone” into buying a particularly
questionable one. (See Financial Crisis Inquiry Commission, majority report)
Greg Lippmann exploits are described in “The Big Short” by Michael Lewis.
Greg Lippmann exploits are described in “The Big Short” by Michael Lewis.
Art by: Dobot