F.I.A.S.C.O.: Blood in the Water on Wall Street
Blood in the Water on Wall Street
Author: Frank Partnoy
It's hard to imagine a better explanation of how clients can be misled into believing that these sophisticated hedging instruments are safe investments.
In this behind-the-scenes look at one of the world's top Wall Street investment firms, Partnoy recounts his experience during the annual drunken skeet-shooting competition where he and his colleagues sharpen the killer instincts they're encouraged to use against competitors, clients, and each other.
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Summary
It's hard to imagine a better explanation of how clients can be misled into believing that these sophisticated hedging instruments are safe investments.
In this behind-the-scenes look at one of the world's top Wall Street investment firms, Partnoy recounts his experience during the annual drunken skeet-shooting competition where he and his colleagues sharpen the killer instincts they're encouraged to use against competitors, clients, and each other.
Description
A classic of its kind, Frank Partnoy's best-selling FIASCO takes readers inside the rollicking world of derivatives on Wall Street during the mid-1990s. The book tracks Partnoy's success as a young Morgan Stanley employee who quickly becomes steeped in a culture that treats client as targets to be "blown up" or have their faces "ripped off." A decade later FIASCO remains one of the most damning and prescient pictures of the speculative frenzies that grip Wall Street and the victims they can leave in their wake. In Partnoy's case they include well-publicized losses at Orange County, Barings, and Procter & Gamble, among others. A new epilogue written for this edition brings Partnoy's story-as well as the story of derivatives-up to the present.
Critic Reviews
“"This insider's account smacks as much as The Catcher in the Rye as of Liar's Poker. Applies an intelligent, clinical eye to this excruciatingly complex corner of the financial world."”
It s hard to imagine a better explanation of how clients can be misled into believing that these sophisticated hedging instruments are safe investments.
About the Author
Frank Partnoy is the author of Infectious Greed and The Match King. He has written for the Financial Times, the New York Times, and Portfolio. He teaches law at the University of San Diego, where he lives.
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