(Note: Contains strong language in paragraph 6.)
By Will Caiger-Smith
MIAMI (IFR) - Steve Eisman, the maverick investor whose exploits in the subprime housing market were at the center of “The Big Short”, says bankers should stop griping about regulation.
Eisman made a name (and fortune) for himself by accurately predicting the housing crash, and was played by Steve Carell in the film of Michael Lewis’s 2010 book.
Speaking at a Miami conference of the securitization industry - whose excesses were blamed for much of the crash - he said bankers now should not be whining about tougher new rules.
“I don’t think regulation has gone too far,” he told conference attendees on Sunday. “The banking industry should just shut up on this topic.”
Asked if he thought that new regulation to prevent another crash was fair, because it targets bonds that were not part of the crisis, Eisman drew laughs from the audience with his reply.
“Do I think it’s fair? Tough shit,” said Eisman, now a managing director at Neuberger Berman.
“You lived in a bad neighborhood. You didn’t police yourselves. You’re going to have to live with this. You frickin’ blew up Planet Earth. Shut up and move on.”
Reporting by Will Caiger-Smith; Editing by Marc Carnegie