- Taschenbuch: 320 Seiten
- Verlag: Profile Books Ltd; Auflage: Main (10. September 1998)
- Sprache: Englisch
- ISBN-10: 1861970773
- ISBN-13: 978-1861970770
- Größe und/oder Gewicht: 12,9 x 1,9 x 19,8 cm
- Durchschnittliche Kundenbewertung: 32 Kundenrezensionen
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FIASCO: Blood In the Water on Wall Street: Guns, Booze and Bloodlust - The Truth About High Finance (Englisch) Taschenbuch – 10. September 1998
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Take it from us that F.I.A.S.C.O. is absolute dynamite ... Partnoy doesn't take prisoners. * Euroweek * Gripping, unreal stuff, delivered with wry humour. * Business Age *
F.I.A.S.C.O. is a ringside seat on the nastiest and most important game being played on Wall Street today: think of derivatives trading as a blood sport, with the unsuspecting consumer as the prey. New chapter with the latest scandals.Alle Produktbeschreibungen
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The other major problem with the book is that it does not target any particular audience and as a result, misses them all. (Perhaps, Mr Partnoy does need to improve his aiming and shooting skills, after all?) The book gets too technical at times for all the wrong reasons. For example, two or three full pages are devoted to explaining the concept of present value. The truth is, anybody who doesn't know/understand the concept of present value shouldn't and wouldn't read this book. On the other hand, any Wall Street veteran who does understand all the key concepts and perhaps had seen some of the contracts Mr Partnoy describes, would find much of the book to be redundantly boring. The natural audience for the book is thus narrowed down to those Wall Street leaning MBAs and maybe, some naive undergraduates.
What is most ironic about the book is that this junior structurer or financial engineer didn't really seem to understand his own role in building and marketing these derivatives. Or, if he did, he doesn't display that understanding in his analysis of the business.
Partnoy is most critical of the absence of "suitability" of his derivative structures for the investor clients who bought them. Professional investors didn't understand what they were doing. My question for him would be: "what did YOU say in the sales calls you attended?"
With respect to suitability (the determination of which remains a responsiblity of the investment bank) , he also seems to have forgotten the concept of "consenting adults". If his firm fully disclosed the risks of his trades to a professional fund manager, and the fund manager nonetheless purchased the deal, then maybe his firm was providing "value added" ! In other words the fund manager was buying a package (and paying extra for it) which he couldn't reasonably construct for himself.
In all, this is an amusing book for its anecdotes and "war stories", but not one to be taken seriously as an insight into Wall Street's derivative markets.
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