Excellent deployment of the word “crappy” to describe the bundles of subprime mortgages being sold by the banks as AAA-quality bonds. The pure derisiveness of “crappy” denies these entities the tinge of respect that comes with being called “toxic” or “high-risk” or “ticking bombs.” Also, it calls to mind craps, which is to say, the voluntary taking on of a gamble you ought to know is stacked against you. And then Lewis shows you the bankers actually playing craps at a convention in Las Vegas, and manages to resist making the linguistic connection explicit! Good writing.
But: he starts at least three paragraphs with “Enter the…” which should be stricken from all lexicons for good.