BLOOD IN THE WATER ON WALL STREET
F.I.A.S.C.O. 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 competitors, their clients, and each other. F.I.A.S.C.O. is the first book to take on the derivatives 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.
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“F.I.A.S.C.O. is a ringside seat on the nastiest and most important game being played on Wall Street today. Think of derivatives trading as a blood sport, with the unsuspecting consumer as the prey. Read this book, or else. . . .”
– Michael Lewis, author of Liar’s Poker “
A lively account of life in the mid-1990s by one of Wall Street’s own, Frank Partnoy. . . . Mr. Partnoy’s book has a serious mission. It seeks to show that derivatives . . . are but the latest method that Wall Street is using to skin Main Street. . . . Mr. Partnoy’s detailed allegations of specific trades and the cynical way that Wall Street treats its customers is likely to attract attention.”
– Peter Truell, The New York Times