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A Businessweek Bestseller "You fail to read F.I.A.S.C.O. at your peril." --Los Angeles Times F.I.A.S.C.O. is the best-selling account of Frank Partnoy's education in the jungle of high finance from 1993 to 1995. It follows the young Morgan Stanley salesman as he learns to navigate a marketplace where billions of dollars are made and lost in the creation and trading of derivatives, a type of security that almost nobody fully understands. Seen in relief against the financial meltdown of 2008, F.I.A.S.C.O. appears ever more prescient, and in a new epilogue written for this edition, Partnoy connects his story to the central role derivatives played in that crisis. Geen bibliotheekbeschrijvingen gevonden. |
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Not only is it poorly written, it suffers from the fact that its author seems to have had very little understanding of what he was doing when employed at Morgan Stanley - this is apparent from simply reading his own explanations of the transactions. Mind you, this is no more than you'd expect from a junior associate who'd been on the derivatives desk for a very short period of time - investment banking is a difficult business (if it wasn't, people wouldn't get paid so much to do it) and it takes years to fully understand what is going on, let alone to get any good at it. And that's something this author never allowed himself the time to do. If he had (and was any good), my guess is he'd still be doing the job, rather than writing the kiss and tell expose.
Still this silly book sells - but maybe the writing's on the wall: right now, some clunker ex-Enron employee is probably writing the successor in line to FIASCO, only about Enron. With any luck, though, at least this time it'll be written with some style.
Postscript: Well, someone *did* write that book about Enron: Called "Infectious Greed", it is a similarly prurient tale, authored by none other than Frank Partnoy, now a tenured academic at the University of San Diego! Publish or perish! ( )