An Extended Excerpt from todays' Guardian

Steve Eisman: Maverick Trader

The financial crisis was predictable, but only a handful saw it coming. Of those, even fewer were bold enough to bet against the market. And the boldest of them all was an unknown trader

"He agreed, though: the main effect was to transfer the financial risk to the shareholders."

"When things go wrong, it's their problem," he said – and obviously not theirs alone. When the Wall Street investment bank screwed up badly enough, its risks became the problem of the US government. "It's laissez-faire until you get in deep shit," he said, with a half chuckle. He was out of the game. It was now all someone else's fault."

 http://www.guardian.co.uk/business/2010/mar/20/steve-eisman-maverick-trader-financial-crisis