As far as I know it is the best book on derivatives. That book was too brief and seethed with rancour. Perhaps a bit conspiracy theorist-friendly ... but I suspect, as an epilogue to the book notes, that it really barely scrapes the surface of the frightening truths about our financial markets, Wall Street and those who work in that sector. “The secret to understanding Citron was that ... "he knows thirty percent of what he thinks he knows”, Melissa Albert Recommends YA Tales Where the Real World Gets Real Magical. Highly Disappointed. (Prices may vary for AK and HI.). Another great read of the current financial situation. Former wall st banker outlines all the issues and moral qualms he experienced during his time selling derivatives at Morgan Stanley. For a description of the mortgage derivatives market, I recommend Barrons Just How Sub Is Subprime? Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. It's not the first book I read on the subject. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. No matter, the story was mostly the same as any recession and why we got there, just switch around some dates. The products described are all familiar and authentic. FIASCO is the shocking story of one man's education in the jungles of Wall Street. Four decades ago, in 1982, something big in the financial world began brewing in New York, but far from Wall Street. While, I can't say it's high literature, I do have to give the book some pretty high marks for a fairly accurate account of what happens. Full content visible, double tap to read brief content. A must-read for everyone, especially before considering buying any of structured products offered by banks. Entertaining and enjoyable inside look at derivatives sales/structuring in the ‘90’s. FIASCO is the shocking story of one man's education in the jungles of Wall Street. According to the author of this book all of these problems and more can be solved by Wall Street financial wizards who use their "knowledge of complex derivatives mathematics as a smokescreen" to convert financial garbage into somethi. FIASCO is the shocking story of one man's education in the jungles of Wall Street. 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. How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation Created Our World & Everything in It, The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy, Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company, Unknown Market Wizards: The best traders you've never heard of, The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor. This book gets down and dirty. Prior to that, Partnoy worked in the derivatives group at Morgan Stanley helping structure complex deals. - Parents the world over. And why AAA? I worked in an equity derivatives group in Wall Street for 25 years. An inspiring true story of combat and courage. Partnoy worked f. One of the best accounts of what really goes on inside Wall Street investment banks. Guess what: It’s been that way for a long time. Is socialism freedom? It accurately captures the tone and atmosphere of being on a derivatives trading floor. Will it work now? What Frank Partnoy does differently is explaining into the details how certain deals were made. Gives breakdowns about how investment banking works and who stands to lose the most money. Penguin Books; 1.2.1999 edition (February 1, 1999). Little had this man known what still had to come ... but we were warned. Autobiographies often can be self promoting and have hidden agendas, but I did not find this book to be annoying. Last one . Please try again. FIASCO: Blood in the Water on Wall Street | Partnoy, Frank | download | Z-Library. ... Fiasco: The Inside Story of a Wall Street Trader - Paperback - GOOD. The approach of the author was almost as though he himself were a bystander, without any ability to decide whether he was capable of stopping the giant snowball careening down the mountain. Stein & Day Historical Book Fiasco - the Break-Out of the German Battleshi VG. In F.I.A.S.C.O. MUST READ. I enjoyed Fiasco both as a personal story and as an interesting walk through of how some of the more interesting and profitable Wall Street deals of the past decade have been done. Frank Patron revelation about how Morgan Stanley Derivatives group do business is just mind blowing. Go grab your copy of FIASCO. I didn’t expect such a bad quality book which was very unlike the other penguin books. A closer look at industrial life. Warren Buffett talks about the dangers of derivatives in his shareholder communications. Without giving anything away, I would like to sum up by saying I will personally not use much of the information gleaned i. 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. FIASCO is the shocking story of one man's education in the jungles of Wall Street. I am a big fan of business books and I recommend this memoir of life in the Wall Street derivatives business in the late 1990's. I totally expected this to be pretty rubbish detailing outrageous behaviors by traders and I wouldn’t find anything I don’t know, but I was wrong. Reviewed in the United States on December 27, 2019. Covered Calls for Beginners: A Risk-Free Way to Collect "Rental Income" Every Singl... Penny Stocks Behind The Scenes: Beat The Promoters At Their Own Game & Profit. His tone is cocky and snarky an, As a young salesman at Morgan Stanley in 1994, Frank Partnoy had a ringside seat to some big derivatives deals, but not the ones that made the news for being such disasters: not the bankruptcy of Orange County, California, helped along by Merrill Lynch, nor Gibson Greetings, suckered by Bankers Trust, or Procter & Gamble, also Bankers Trust, or Barings Bank, brought down by rogue trader Nick Leeson. I've read several of his other books - he's a professor of law and economics but writes in a less technical level in this book than his scholarly papers. If you enjoyed Wolf of Wallstreet, you’ll devour this. Our payment security system encrypts your information during transmission. How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Mon... To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. It's among 20 favourite books of Charlie Munger and deservedly so. Top subscription boxes – right to your door, How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation…, © 1996-2020, Amazon.com, Inc. or its affiliates. Interesting, yet very much of its time. $32.62. 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. And he takes us t. 'Fiasco' is the shocking story of one man's education in the jungles of Wall Street. But the nonchalance he describes his coworkers as having is a bit over the top. If you loved Liar's Poker then you would like this one too. FIASCO is the shocking story of one man's education in the jungles of Wall Street. Brief content visible, double tap to read full content. This book gets down and dirty. February 1st 1999 Reviewed in the United States on February 22, 2011. There was a problem loading your book clubs. It feels and look like a pirated version of actual book. Michael Robert Milken (born July 4, 1946) is an American convicted felon, financier and philanthropist. Then use it to make money for the rest of your life. This book takes off from where Greg Smith's "Why I Left Goldman Sachs" ends. Not crisis. We work hard to protect your security and privacy. The author kept it entertaining by exposing some of the characters and culture in investment banking. 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