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.

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nexusstc/Fiasco: The Inside Story of a Wall Street Trader CHINESE/ecf399c73766fdff3075f41e5bd080d3.pdf

zlib/Business & Economics/Personal Finance/Frank Partnoy/Fiasco: The Inside Story of a Wall Street Trader_881085.pdf

Dorling Kindersley Publishers Ltd

Penguin Publishing Group

Penguin (Non-Classics)

Ladybird Books Ltd

United Kingdom and Ireland, United Kingdom

1.2.1999, PT, 1999

February 1, 1999

до 2011-01

lg456292

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F.I.A.S.C.O. is an insider's diary, a shocking education in the jungle of high finance in the 1990s from New York to Tokyo. It tracks the progress of a young Morgan Stanley salesman as he learns the ropes of this sophisticated jungle, where billions of dollars are lost in the creation and trading of securities so unlikely and so complicated that almost nobody - certainly not the unwary or undereducated buyer - understands them. And some of that money, whether you know it or not, may be yours.
Frank Partnoy's journey is partly comical, and full of incredible characters, but what he learns should stir fear in anyone who owns mutual funds, stocks, or even insurance.
Partnoy's colleagues sharpen their killer instincts at an annual drunken skeet-shooting competition called F.I.A.S.C.O., the Fixed Income Annual Sporting Clays Outing. Against well-trained derivatives salesmen, buyers don't face much better odds than a clay pigeon, and the actual fiascoes involve billions of dollars of well-publicized losses at Orange County, Barings, Procter & Gamble, and many others.
In 1994, when the author attended F.I.A.S.C.O., and when the first big derivatives losses hit, the rallying cry at Morgan Stanley should have struck fear into the heart of any investor: "There's blood in the water. Let's go kill someone." Partnoy's story shows how Morgan Stanley's sales force put that advice to work.

"Fiasco is an insider's diary, a shocking education in the jungle of high finance in the 1990s from New York to Tokyo. It tracks the progress of a young Morgan Stanley salesman as he learns the ropes of this sophisticated and ruthless web, where billions of dollars are lost in the creation and trading of securities so unlikely and so complicated that almost nobody understands them." "Frank Partnoy presents a world filled with feral "rocket scientists" - the clever masterminds who persuade unsuspecting victims to buy derivatives (whose value is linked to or "derived" from some other security). These salesman often joke about their creations as weapons of mass destruction; and, in fact, the clients are often "blown up" or have their "faces ripped off." Against such well-trained salesmen, buyers often don't stand a chance, and the actual fiascos involve well-publicized losses at Orange County, Barings, Procter & Gamble and many others." "Frank Partnoy's book is partly comical and brims with incredible characters, but his revelations should stir fear in anyone who owns mutual funds, stocks, or even insurance."--BOOK JACKET

<p><b>fiasco</b> 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.</p><p><b>fiasco</b> 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.</p>

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.

2011-06-04