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FIASCO: Blood in the Water on Wall Street Paperback – April 6, 2009
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F.I.A.S.C.O. could be subtitled Portrait of the Trader as a Young Man, for Frank Partnoy is indeed young, and his short tenure on Wall Street left him sadly disillusioned but much wiser. His book will leave you wiser, too--and probably very worried. --This text refers to an out of print or unavailable edition of this title.
From Library Journal
Copyright 1998 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
Partnoy doesn't tell his story as smoothly as he could, and his narrative sometimes feels larded with anecdotes that don't add much color or relief. He also struggles at times to weigh his role in the big picture. Overall though, he describes his experiences and general Wall Street culture with enough insight that you can feel his disgust, and applaud when he eventually steps away from it all.
A great business book, flaws and all, and a perfect antidote to all the puffery surrounding coverage of financial markets and Wall Street these days. Now when will we see a book of investment banker/derivatives trader jokes, to add to all the great lawyer joke books?
Strangely readable book. The greed and money lust and the pathetic macho posturing of the derivatives sales people fascinated. The stupidity of the bankers, insurance fund managers, etc. who bought the risky and complicated derivatives concocted by the Morgan Stanley people, amazed. Partnoy himself comes across as someone who went along with the program until it got just a little too ugly and then got out. I suspect there is another side to this story.
Portnoy tells his story in a fluid style, leaving the reader wanting more, page after page. This book exposes the greed and ignorance of the market's fools, or customers, and the eagerness of the Wall Street investment firms to offer ever more enticingly packaged derivative instruments to help them achieve their ruin. Everyone who has money in the markets should read a few books like this to get a more realistic idea of what these venerable Wall Street institutions really think of their customers.
Most Recent Customer Reviews
Read the updated version...was disappointed there was no mention of the Japanese institution's corrupt tradePublished 1 month ago by marc
Got boring about half way through - did not finish. Talks about activities on a derivatives/structured products desk. Michael Lewis and Scott Skyrm write better. Read morePublished 2 months ago by Tariq Albazzaz
Peaks the reader's curiosity. This book by Partnoy is also an excellent source for term papers analyzing the markets and market dysfunction.Published on February 28, 2014 by Jim
Good exposure of the total amorality and ruthless exploitation of their customers as practised in "investment banks". Read morePublished on January 11, 2014 by Tim Josling
One again, the author exposes the basic human wiring of dreams, hope, fear, vulnerabilities, traits, animal spirit and more.... Read morePublished on December 28, 2013 by Satya Chari
Bottom line: It STILL doesn't explain what caused the crash. Advancing pet theories and political ideas doesn't constitute historical research.Published on September 11, 2012 by Medici
I read this book with a derivatives texbook at my elbow. The textbook was really introductory and I had bought it new in 1993 (link probably goes to another edition). Read morePublished on October 3, 2011 by James R. Maclean
Mr. Partnoy point of view about derivatives is very clear. They are, in fact, weapons of mass destruction!. Read morePublished on August 5, 2011 by freddy