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F.I.A.S.C.O. : The Inside Story of a Wall Street Trader

Frank Partnoy

posted on 10 September 2001

reviewed by Joe McCauley

A fascinating and, at times, challenging book, written in the spirit of 'Liar's Poker' but with more detail. Partnoy describes the damaging and borderline criminal practices of derivatives salesmen and the huge investment
banks that drive their performance. One would think that the people described in this book couldn't have agreed more with Willie Horton; it's just that poor old down and out Willie was limited to the crude use of a pistol
while these well-paid gents had derivatives as their weapons! Indeed, America will likely institute hand-gun control before it passes the necessary laws regulating derivative trading.

Book Description

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.

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.

ISBN: 0140278796

Title: F.I.A.S.C.O. : The Inside Story of a
Wall Street Trader

Author: Frank Partnoy

Published: February 1999

Amazon: $12.55