People have no SHAME. Wing Chau, president of Harding Advisory is suing Michael Lewis, the author of The Big Short for “unfairly casting him as a villain.” Listen Wing, you cheated investors and blatantly ignored your fiduciary responsibility. Give it a break.
In his book, Lewis writes about a handful of Wall Street outsiders who realised the subprime mortgage business was a house of cards and found a way to bet against it, making billions for themselves. He also discusses the perpetrators and poor underwriters that were the cause of the subprime collapse:
“Author Michael Lewis was sued by Wing Chau, president and principal of Harding Advisory LLC, who accused the writer of defaming him in his 2010 book “The Big Short: Inside the Doomsday Machine.”
Chau, a manager of collateralized debt obligations, according to a complaint filed Feb. 25 in NY federal court, claims the book unfairly casts him as one of the “villains” responsible for the 2008 financial collapse.
The book “depicts Mr. Chau as someone who ignored his professional responsibilities, made misrepresentations to investors, charged money for work that was not performed, had no stake in the CDOs he managed, was incompetent or reckless in carrying out his responsibilities, and violated his fiduciary duties by putting the interests of ‘Wall Street bond trading desks’ above those of his investors,” according to the complaint.
Also named in the suit, which seeks unspecified damages, are the book’s publisher, W.W. Norton and Steven Eisman, managing director of FrontPoint Partners LLC, whom Chau describes in the complaint as “one of the principal sources Lewis relied on in writing ‘The Big Short.'”
Lewis, a columnist for Bloomberg News, didn’t immediately respond to an e-mail seeking comment on the suit. Norton spokeswoman Elizabeth Riley had no immediate comment
The case is Chau v. Lewis, 11-cv-1333, U.S. District Court, Southern District of (Manhattan).”
To contact the reporter on this story: Bob Van Voris in New York.
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