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Fiasco: The Inside Story of a Wall Street Trader Paperback – February 1, 1999
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Top Customer Reviews
Like all books written by former investment bankers the book contains liberally sprinkled anecdotes regarding job interviews from hell, the ridiculous daily escapades that can occur on a trading floor, strip clubs, the lack of personal lives, gambling trips and other stories which could easily have been pulled from the pages of Mr. Lewis's book or "Monkey Business" by Rolfe and Troob. All of these shenanigans culminate around the bank's (in this case Morgan Stanley), or more specifically, his group's annual sporting clay outing, FIASCO. The book also suffers from a somewhat poorly defined timeline and the lack of a defining event which drives the story. Due to these faults, it is at times little more than a book about the evils of investment bankers, the ignorance of their customers, all put forward to enforce Mr.Read more ›
I can't remember the last time I laughed out loud at a book on such an ostensibly dry subject. Partnoy has an amazingly dry, amoral, detached style of narration that only adds to the surreal quality of the book. He is a gifted writer; I plowed through this absorbing read in the course of a little over a day. I have since started simply buying copies for my friends, since my original strategy of buying one floating copy has failed -- it never returned.
Especially if you are investing for yourself, but even if you are just looking for an engrossing book to pass the time, buy a copy of this book and give it to a friend when you're done. It's hysterical, disturbing, unsettling, and superb.
Pg. 126 Frank quotes Warren Buffett, "If you don't know who the sucker is, it is you".
Pg. 130 Quoting another bond salesman, "Let me tell you something, If a bond can not be sold with two hockey tickets and a good bottle of wine, the bond can not be sold"
Pg. 176 "The involvement of European issuers seemed fitting. The first active derivatives market had opened in Europe in 1688, when traders on the Amsterdam Stock Exchange began writing derivative contracts...Derivatives were returning home"
Pg. 182 Talking about Mexican Banks, "They craved risk...they wanted to gamble. They wanted, they demanded, "leverage"-the ability to borrow to take on greater risk"
Pg 205 "Out of curiosity I asked everyone what other jobs they would be willing to take instead of their current jobs at Morgan Stanley if the pay remained the same...Would you rather work at McDonalds or at Morgan Stanley? For the same pay - McDonalds, without a doubt...Shoveling manure or Morgan Stanley? Manure sounded pretty good to everyone."
Pg 226 Talking about packaging a product for the purpose of creating an illusion of a gain, which happens to create the largest fee's ever ($75 million), "Of the $571 million, the investor immediately realized a huge gain, roughly $400 million."
- This was a totally smoke and mirrors gain done strictly for the purpose beefing up returns.
Pg.Read more ›
Most Recent Customer Reviews
An enjoyable read. The author has a pleasant way of recounting his personal experience of Wall Street before he left to become a teacher of financial ethics (in San Diego?). Read morePublished 13 months ago by Mark LaPointe
Believable confessional. An interesting window into facilitating financial degeneracy.Published 13 months ago by Appalachian Son
very dirty and old with many color underlyings on a lot of phrases.Published 15 months ago by wan pak kuen
I've always been interested in Wall Street so decided to pick this up. The writer tells the story from a first person's perspective. Read morePublished on July 25, 2014 by YW
Great book ! I bought it because, I read Charlie Munger recommended it. Must read for stock investors and investors of all kinds. You will never look at Wall Street the same. Read morePublished on July 6, 2014 by SK
Great look from the inside. It makes one want to use a mattress. cookie jar, you name it to save and investPublished on March 19, 2014 by Mark J Payne
Funny, informative and easy to read. Suitable for practitioners and beginners alike. If you loved Liar's Poker then you would like this one too. Read morePublished on October 7, 2013 by Adel H