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.
About Frank Partnoy
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.
Preface 1 A Better Opportunity 2 The House of Cards 3 Playing Dice 4 A Mexican Bank Fiesta 5 F.I.A.S.C.O. 6 The Queen of RAVs 7 Don’t Cry for Me, Argentina 8 The Odd Couple 9 The Tequila Effect 10 MX 11 Sayonara Epilogue Postscript