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F.I.A.S.C.O. : blood in the water on Wall Street

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Status	Format	Access	Call Number	Item Location
Request for On-site Use Request Scan How do I pick up this item and when will it be ready?	Text	Request in advance	HG6024.U6 P37 1997	Off-site

Description

252 pages; 24 cm

Summary

F.I.A.S.C.O. is an insider's diary, a shocking education in the jungle of high finance in the 1990s from New York to Tokyo. It tracks the progress of a young Morgan Stanley salesman as he learns the ropes of this sophisticated jungle, where billions of dollars are lost in the creation and trading of securities so unlikely and so complicated that almost nobody - certainly not the unwary or undereducated buyer - understands them. And some of that money, whether you know it or not, may be yours.
Frank Partnoy's journey is partly comical, and full of incredible characters, but what he learns should stir fear in anyone who owns mutual funds, stocks, or even insurance.
Partnoy's colleagues sharpen their killer instincts at an annual drunken skeet-shooting competition called F.I.A.S.C.O., the Fixed Income Annual Sporting Clays Outing. Against well-trained derivatives salesmen, buyers don't face much better odds than a clay pigeon, and the actual fiascoes involve billions of dollars of well-publicized losses at Orange County, Barings, Procter & Gamble, and many others.
In 1994, when the author attended F.I.A.S.C.O., and when the first big derivatives losses hit, the rallying cry at Morgan Stanley should have struck fear into the heart of any investor: "There's blood in the water. Let's go kill someone." Partnoy's story shows how Morgan Stanley's sales force put that advice to work.

Subject

ISBN

0393046222

LCCN

97022845

OCLC

Owning Institutions

Columbia University Libraries