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Lewie Ranieri was the Salomon utility bond trader, who established the mortgage bond market. He seemed to be an unlikely choice because he had neither a college degree nor a resume. In 1978, Robert Dall recommended that Lewie manage the new department. Lewie, however, embodies Gutfreund's worst fears. Gutfreund is well aware that he is hostage to traders who take risks to make money for the company.

Source(s)

Liar's Poker: Rising Through the Wreckage on Wall Street