The Orange County bankruptcy. The fall of Barings Bank. Shocking losses at Procter & Gamble, Dell Computer, and Gibson Greetings. The Mexican peso crisis. What did all these disasters have in common? A class of financial instruments known as derivatives―the most dangerous (and profitable) products ever devised on Wall Street.In F.I.A.S.C.O.: Blood in the Water on Wall Street, a former derivatives salesman takes readers onto the trading floor of a leading investment bank―and in a tell-all, no-holds-barred exposé, reveals for the first time the ugly truth about these complex financial products and the people who peddle them. Writing with the same eye for telling details as Michael Lewis in Liar’s Poker, Frank Partnoy shows how the once genteel world of investment banking has now become a place where the rallying cry is "There’s blood in the water. Let’s go kill someone."
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The game of Russian roulette is alive and well and living on Wall Street, where it's known as the derivatives market. In his aptly named book F.I.A.S.C.O., Frank Partnoy, a former derivatives trader at Morgan Stanley, exposes the seamier side of high-stakes finance. Derivatives are securities whose worth is determined by the value of other securities; according to Partnoy, however, the derivatives market is an elaborate illusion performed with smoke and mirrors. In fascinating, frightening detail Partnoy describes several of Morgan Stanley's slick deals that, in his eyes, are just this side of outright fraud. More than just dishonest, the bait-and-switch tactics Wall Street traders employ to rig the markets are downright dangerous, since the massive debt these deals conceal will inevitably come back to haunt the dealmakers.
F.I.A.S.C.O. could be subtitled Portrait of the Trader as a Young Man, for Frank Partnoy is indeed young, and his short tenure on Wall Street left him sadly disillusioned but much wiser. His book will leave you wiser, too--and probably very worried.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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Book Description W. W. Norton & Company, 1997. Hardcover. Book Condition: New. Mint!!. Bookseller Inventory # mon0000057400
Book Description W. W. Norton & Company, 1997. Hardcover. Book Condition: New. Bookseller Inventory # 275-4331700237
Book Description W. W. Norton & Company. Hardcover. Book Condition: New. 0393046222. Bookseller Inventory # 2ANDREWK26
Book Description W. W. Norton & Company, 1997. Hardcover. Book Condition: New. Bookseller Inventory # DADAX0393046222
Book Description W. W. Norton & Company, 1997. Hardcover. Book Condition: New. book. Bookseller Inventory # M0393046222
Book Description W. W. Norton & Company, 1997. Hardcover. Book Condition: New. Never used!. Bookseller Inventory # P110393046222
Book Description W. W. Norton & Company. Hardcover. Book Condition: New. 0393046222 New Condition. Bookseller Inventory # NEW7.1064480