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Partnoy's previous book, F.I.A.S.C.O., was an inside story of a Wall Street derivatives trader. It argued that recklessness and lack of regulation made derivatives trading (trading financial instruments that have no intrinsic value) a threat to the financial system. Turning from autobiography to history, this new work makes the same points by examining financial disasters caused by derivatives of the last 15 years. "Patient Zero" is Andy Krieger, whose $80 million mismarking of currency options embarrassed Bankers Trust in 1988. Partnoy profiles other derivatives abusers, too, including Nick Leeson, who bankrupted Barings Bank; Robert Citron, who did the same for Orange County; and Joseph Jett, whose "forward recon" trades helped end the independent existence of Kidder Peabody and Long Term Capital Management. These accounts of 20th-century disasters are neither original nor deep, but readers interested in the subject will be pleased to see the links among them. Taken together, common features emerge that are hard to see in detailed accounts of individual collapses. For example, Partnoy makes a revisionist case that credit rating agencies and federal regulators, including Alan Greenspan and Arthur Levitt, bear most of the blame. The author carries his story into mid-2002, evaluating Enron, WorldCom and Global Crossing. His analysis here is more original, reversing the popular perception by claiming Enron was a profitable company that should have survived, while WorldCom and Global Crossing had no economic substance.
Copyright 2003 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Why the economy is so unstable; from law professor Partnoy.
Copyright 2002 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Used this book as a reference for a term paper at college. Good for anyone wanting to know more about how our financial markets do and don't work in recent years.Published 18 months ago by Jim
Read this book and learn how Wall Street and their crazy derivatives blew up the banking system and the world economy. Well written by one who was in at the inception.Published 22 months ago by Donald E. Mckiernan
This is an origins story, on how certain uses of derivatives and like financial products came into use to manipulate financial statements, and how these sorts of manipulations... Read morePublished on April 1, 2013 by PHIL
He makes it very clear that all the financial "innovation" that America has brought in for the last 20 years had not the slightest intention of "serving the... Read morePublished on January 28, 2013 by michael shanks
I really like this book- explains things clearly and concisely- I have not finished it but so far so good. Read morePublished on September 23, 2012 by dixiechicken
The problems are fairly well documented, but there are few solutions offered.
I have pretty good one: Totally and irrevocably eliminate lobbies in Washington. Read more
A definite buy if you want to know how pompous, arrogant financial officer played with America is money. Read morePublished on February 12, 2012 by davo
I've read pretty extensively and deeply about finance and this is the best overall treatment I've found. Read morePublished on September 16, 2011 by W. D ONEIL