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FIASCO is the shocking story of one man's education in the jungles of Wall Street. As a young derivatives salesman at Morgan Stanley, Frank Partnoy learned to buy and sell billions of dollars worth of securities that were so complex many traders themselves didn't understand them. In his behind-the-scenes look at the trading floor and the offices of one of the world's top investment firms, Partnoy recounts the macho attitudes and fiercely competitive ploys of his office mates. And he takes us to the annual drunken skeet-shooting competition, FIASCO, where he and his colleagues sharpen the killer instincts they are encouraged to use against their competitiors, their clients, and each other.
FIASCO is the first book to take on the derivatves trading industry?the most highly charged and risky sector of the stock market. More importantly, it is a blistering indictment of the largely unregulated market in derivatives and serves as a warning to unwary investors about real fiascos, which have cost billions of dollars.
- Sales Rank: #382752 in Books
- Color: Multicolor
- Published on: 1999-02-01
- Released on: 1999-02-01
- Original language: English
- Number of items: 1
- Dimensions: 7.70" h x .60" w x 5.10" l, .53 pounds
- Binding: Paperback
- 288 pages
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.
Most helpful customer reviews
41 of 43 people found the following review helpful.
A Few good parts, A Few bad ones, Overall worth reading
By Amazon Customer
There are several very interesting parts of this book, the most notable being the chapters (4, 7 - 10) in which Mr. Partnoy gives a high level description of some of the transactions that he was involved in. Some of his anecdotes, particularly those in which he discusses the atmosphere in an investment bank around bonus time (pg.40 - 42, 202 - 205), are pretty amusing and dead on accurate. The author's descriptions of some of his deals are clearly told from a junior banker's perspective, but they do a good job of putting forth what was being done, how it was being done, what everyone's perceived incentives for the transaction were, the work required to get the deal done, what kind of money, and importantly what kind of fees were involved. In this regard, the book offers more than both "Liar's Poker" by Lewis and "When Genius Failed" by Lowenstein.
Like all books written by former investment bankers the book contains liberally sprinkled anecdotes regarding job interviews from hell, the ridiculous daily escapades that can occur on a trading floor, strip clubs, the lack of personal lives, gambling trips and other stories which could easily have been pulled from the pages of Mr. Lewis's book or "Monkey Business" by Rolfe and Troob. All of these shenanigans culminate around the bank's (in this case Morgan Stanley), or more specifically, his group's annual sporting clay outing, FIASCO. The book also suffers from a somewhat poorly defined timeline and the lack of a defining event which drives the story. Due to these faults, it is at times little more than a book about the evils of investment bankers, the ignorance of their customers, all put forward to enforce Mr. Partnoy's somewhat guarded thesis; Derivatives are used by organizations that are legally prevented from investing in certain areas in order to skirt those laws.
This is a good book that could have been better, the occasions where it shine through make it worth reading, but also unfortunately let us know the author could have produced a somewhat better product.
24 of 25 people found the following review helpful.
The funniest, most enjoyable book I've read in a long time
By Tim Triche, Jr. (jabbo@yahoo.com)
My younger brother has decided that business is highly amusing, and after reading this book of his, I have to agree. A while back, I picked up and studied a mathematical book on finance (_Investment Science_, by Luenberger, if you're interested; quite good) that covered pricing, immunization strategies, lattices, the Black-Scholes equation for options valuation, and other aspects of modern finance. So I had a decent feel for what derivatives *are* prior to reading this book. However...
I can't remember the last time I laughed out loud at a book on such an ostensibly dry subject. Partnoy has an amazingly dry, amoral, detached style of narration that only adds to the surreal quality of the book. He is a gifted writer; I plowed through this absorbing read in the course of a little over a day. I have since started simply buying copies for my friends, since my original strategy of buying one floating copy has failed -- it never returned.
Especially if you are investing for yourself, but even if you are just looking for an engrossing book to pass the time, buy a copy of this book and give it to a friend when you're done. It's hysterical, disturbing, unsettling, and superb.
23 of 27 people found the following review helpful.
Supercharged, Super Leveraged and Super Lethal
By Kevin Kingston
I love starting a review with a few memorable quotes because if you read the book the quotes will bring it all back no matter how long its been since you read it, and if you did not read the book and are intrigued by the quotes you'll buy it on the spot (at least I do). So here it goes:
Pg. 126 Frank quotes Warren Buffett, "If you don't know who the sucker is, it is you".
Pg. 130 Quoting another bond salesman, "Let me tell you something, If a bond can not be sold with two hockey tickets and a good bottle of wine, the bond can not be sold"
Pg. 176 "The involvement of European issuers seemed fitting. The first active derivatives market had opened in Europe in 1688, when traders on the Amsterdam Stock Exchange began writing derivative contracts...Derivatives were returning home"
Pg. 182 Talking about Mexican Banks, "They craved risk...they wanted to gamble. They wanted, they demanded, "leverage"-the ability to borrow to take on greater risk"
Pg 205 "Out of curiosity I asked everyone what other jobs they would be willing to take instead of their current jobs at Morgan Stanley if the pay remained the same...Would you rather work at McDonalds or at Morgan Stanley? For the same pay - McDonalds, without a doubt...Shoveling manure or Morgan Stanley? Manure sounded pretty good to everyone."
Pg 226 Talking about packaging a product for the purpose of creating an illusion of a gain, which happens to create the largest fee's ever ($75 million), "Of the $571 million, the investor immediately realized a huge gain, roughly $400 million."
- This was a totally smoke and mirrors gain done strictly for the purpose beefing up returns.
Pg. 247 At the end of his 3 year stint on the Street, "I now believed everything was a fraud, and I had a well founded basis for my beliefs. Derivatives were a fraud, investment banking was a fraud, the Mexican and the Japanese financial systems were frauds..."
Epilogue Pg 251 "What lessons did I draw from my experience selling derivatives? I believe derivatives are the most recent example in the history of finance: Wall Street bilks Main St."
Pg 252 "Could a $70,000-a-year Securities and Exchange Commission investigator ever catch a $700,000-a-year derivatives salesman?"
Pg. 256 "70% of derivatives professionals say they expect big losses in the coming year"
Pg 277 "If the SEC and the U.S. Attorney's office are busy prosecuting basic cases-insider trading, the mafia selling non-existent stocks-how can they possibly compete against the big boys, especially when the big boys are tucked away in Grand Cayman, protected by special tax legislation, insulated from disclosure requirements and hidden from the public view with a P.O. Box address?"
Charlie Munger, who is Warren Buffets partner in Berkshire Hathaway recommends this book highly. (See my other reviews and my blog for a complete list of his recommendations ( bloglines.com/blog/KevinKingston ). This book gives you a great understanding of the products that Wall Street firms are putting together and the reasons they are doing it. For example a LIBOR-Cubed Hedge and other supercharged, super leveraged and super dangerous, for those that don't understand them, which is most people. It also describes the frequency that even the packager, Morgan Stanley could not put a value on the complex derivative products.
By Kevin Kingston, Author of: A 20,000% Gain in Real Estate
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