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Title: Infectious Greed: How Deceit and Risk Corrupted the Financial Markets by Frank Partnoy ISBN: 0805072675 Publisher: Times Books Pub. Date: 14 April, 2003 Format: Hardcover Volumes: 1 List Price(USD): $27.50 |
Average Customer Rating: 4.75
Rating: 4
Summary: his first book was better
Comment: I am about halfway through this book, but so far I enjoyed Frank Partnoy's first book, "FIASCO: Blood in the Water on Wall Street", much better. FIASCO was mainly an auto-biographical account of Partnoy's career at Morgan Stanley. Writing about his own life afforded Partnoy the opportunity to be more anecdotal and humorous about his subject matter. In this book, his focus is on scandals that made the headlines, or even worse, were suppressed from greater public knowledge. (Enron, LTCM, Orange County, the Salomon Bros Treasury auction scandal, etc).
He recants these tales with tongue in cheek humor, and he translates finance-geek-speak into a language which people outside of the business can understand. However, in his Vernacular translation, he loses some of the wind of the real story. Maybe its because I am in the business, so no details need to be spared for my benefit, but I would have preferred reading more technical accounts.
At any rate, Partnoy is a crusader, out to teach the world about the dangers of financial products. Frankly, I think he goes to far in his ranting, and this book is merely a vehicle for him to advance his agenda of reform and regulation. Its true that some people have exploited the market for less than altruistic purposes, but the truth is that derivatives have been more beneficial than harmful to the global financial system. To tell the tale all of the evil in the financial markets without mentioning the good is misleading.
Rating: 5
Summary: Be afraid, be very afraid...
Comment: Wow... what a scary book.
You already knew that something very wrong has been happening in the relationship between investment banks and their customers but I'll bet you didn't how wrong.
Partnoy's long book (there is an ENORMOUS amount of malfeasance available for the author to dissect) is well written. He has done an excellent job of creating separate threads from inter-connected stories without falling into too much repetition between chapters.
An earlier reviewer remarked that Partnoy is a crusader and "Frankly, I think he goes to(o) far in his ranting".
I couldn't disagree more. It is clear (to me, anyway) that, for too many people, the balance between the desire to make money on the one hand and the utterly vital community issues of honesty and integrity has been lost.
It's also clear (to me) that the justice system does not seem to be properly configured to deal with this.
If you've an interest in how your investment banker will roll you if he gets the chance - READ THIS BOOK.
Rating: 5
Summary: Very persuasive analysis of recent financial history
Comment: In a much more serious project than his previous FIASCO, Partnoy gives an extremely persuasive explanation of how the interaction between financial product developments, legal change and administrative character have led to the series of financial scandals witnessed over the last twenty years. Few books on the subject have managed to explain the bizarre stories of Enron or LTCM in a way that really rings true but using his knowledge and experience of legal, administrative and financial products Frank puts together a highly believable interpretation. It is a story which throws the major scandals into a new perspective and gives a sense of how the corporate and financial worlds have become destabalised.
If not as humorous as the first book, Infectious Greed is still a fascinating and entertaining read and should be read by anyone keen to understand the true nature of modern financial markets.
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Title: F.I.A.S.C.O.: The Inside Story of a Wall Street Trader by Frank Partnoy ISBN: 0140278796 Publisher: Penguin USA (Paper) Pub. Date: 1999 List Price(USD): $15.00 |
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Title: The Mind of Wall Street: A Legendary Financier on the Perils of Greed and the Mysteries of the Market by Leon Levy, Eugene Linden ISBN: 1586481037 Publisher: PublicAffairs Pub. Date: 05 November, 2002 List Price(USD): $26.00 |
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Title: Tomorrow's Gold by Marc Faber ISBN: 9628606727 Publisher: CLSA Pub. Date: 12 November, 2002 List Price(USD): $35.95 |
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Title: The New Financial Order: Risk in the Twenty-First Century by Robert J. Shiller ISBN: 0691091722 Publisher: Princeton Univ Pr Pub. Date: 02 April, 2003 List Price(USD): $29.95 |
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Title: Wall Street Meat: Jack Grubman, Frank Quattrone, Mary Meeker, Henry Blodget and me by Andy Kessler ISBN: 0972783210 Publisher: Escape Velocity Press Pub. Date: 17 March, 2003 List Price(USD): $25.95 |
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