'The Big Short' Author Michael Lewis Sounds Alarm On Trump And Wall Street
"The Big Short" author Michael Lewis was on CNBC's "Power Lunch" this afternoon. He was asked about the latest ruling in which the Supreme Court came down hard on insider trading. The Court ruled that even when the insider gave information to a family member and did not get any payment for the information, it's still an illegal act. Well, duh. And even the Court said "Well, duh" -- the decision was issued quickly and was 8-0. One can only hope that when President Trump provides insider information from the White House to his kids and they don't "pay" him for it, our government institutions come down just as firmly and unanimously. So what does Michael Lewis think of this decision?
MICHAEL LEWIS: This is a quixotic view but I always thought insider trading is a great distraction. When things go bad on Wall Street, the one thing that prosecutors know how to prosecute is insider trading. Look for insider trading. Very little to do with the problems that for example led to the financial crisis and led to the current mess in our political lives. I don't get to -- I don't get worked up about it in the first place, this doesn't interest me all that much.