Fiasco: The Inside Story of a Wall Street Trader
Author: Frank Partnoy
Publisher: Penguin (Non-Classics)
"This is an insider’s account of working as a derivatives salesman at Morgan Stanley in the 1990s.
It was the first book to examine the derivatives trading industry in detail, and it warned of the dangers of buying and selling products so complex that many of the traders did not understand them." --QFINANCE
- Product 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.