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.
Frank Partnoy is a professor of law at the University of California, Berkeley and the author of four books including Wait: The Art and Science of Delay and F.I.A.S.C.O.: Blood in the Water on Wall Street. He has written for the Financial Times, the New York Times, and Portfolio.
is a ringside seat on the nastiest, most important game being played on Wall Street. Think of derivatives trading as a blood sport, with the unsuspecting consumer as the prey. Read this book or else…
— Michael Lewis
This insider's account smacks as much as The Catcher in the Rye
as of Liar's Poker
. Applies an intelligent, clinical eye to this excruciatingly complex corner of the financial world.
— New York Times
Like Liar's Poker
, Partnoy's tale is populated with hilarious caricatures…His book goes a long way toward helping us understand what happened and preventing us from becoming 'widows and orphans' who buy these products without understanding them.
— Chicago Tribune
Read the book F.I.A.S.C.O.
, by law professor and former derivatives trader Frank Partnoy, an insider account of depravity in derivative trading at one of the biggest and best-regarded Wall Street firms. The book will turn your stomach.
— Charlie Munger