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Book: Fiasco: The Inside Story of a Wall Street Trader :: Robert Kiyosaki|Books :: Book
Date: Thursday, 08 January, 2009 :: 03:39
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Fiasco: The Inside Story of a Wall Street Trader
List Price: USD $16.00
from USD $9.08
Product Group: book
Manufacturer: Penguin (Non-Classics)
Studio: Penguin (Non-Classics)
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Editorial Review: Product Description
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. In his behind-the-scenes look at the trading floor and the offices of one of the world's top investment firms, Partnoy recounts the macho attitudes and fiercely competitive ploys of his office mates. And he takes us to the annual drunken skeet-shooting competition, FIASCO, where he and his colleagues sharpen the killer instincts they are encouraged to use against their competitiors, their clients, and each other. FIASCO is the first book to take on the derivatves trading industry--the most highly charged and risky sector of the stock market. 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.
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Reviews:
Average Customer Review: 
Summary: If you liked Liar's Poker, you will probably like this too
Date: 2008-12-16 - 
Comment: 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 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. I think Liar's Poker, The Smartest Guys in the Room, When Genius Failed and Barbarians at the Gate are the best of this genre, and this one sits comfortably in their company. The basic summary is that the author gets a job at Morgan Stanley Derivative Products Group on the cutting edge of the derivatives trend sweeping wall Street at the time and he learns all about the business, including its characters, opportunities and ethical challenges. The subject is particularly interesting now that the derivative chickens have come home to roost.
The only reason I didn't give it five stars is that compared to the characters discussed in the books above (Guttfreund, Michael Steinhardt, Kravis, Milken, et al.), Partnoy didn't have quite the same material to work with. Nevertheless, Fiasco was fun, informative and timely.
Summary: the beginning of derivatives
Date: 2008-12-15 - 
Comment: An interesting story about the start of derivatives from the source of creation. Crazy how complicated securities are sold by bankers who want to "rip the faces" off their clients...nice story from the street to put current events in context.
Summary: Current wall street meltdown assoctiated with Derivatives - A brief history
Date: 2008-10-27 -
Comment: If you want to know a little history of Derivative products from Wall Street from an insider, then this is it. I read this book in 2000 while in college. Since the current meltdown of Wall Street I dug this book out of an old box in my garage. When I first read this book, I never really thought that people existed who were so greedy and lived life without ANY ethics whatsoever. Flash forward to today and with a collapsed Wall Street the unimaginable greed is now so apparent. Mortgaged backed securities in the form of derivatives to earn high ratings to earn HUGH commissions for the sale of junk paper. The true dictionary definition of a Wall Street Derivative; n. "Felony criminal activity".
Summary: On the mark
Date: 2008-09-22 -
Comment: While the author worked only for a few years as a junior investment banking industry, his warnings about derivatives are on the mark. See current events.
Summary: Friggin A!
Date: 2008-09-17 -
Comment: Great read, educational about how risky derivative deals (the big money), entertaining, focused on the 90's, sprinkled with humor. recommenddddddddddddd
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Liar's Poker: Rising Through the Wreckage on Wall Street
When Genius Failed: The Rise and Fall of Long-Term Capital Management
The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders
Monkey Business: Swinging Through the Wall Street Jungle
Den of Thieves
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