Tuesday, March 29, 2011

F.I.A.S.C.O. - Frank Partnoy

A pale cousin of Liar's Poker, the best part of F.I.A.S.C.O. was the unheeded  warning that the economic collapse in 2008, caused by Wall Street shenanigans, could have been avoided if the people who had the power to stop it had bothered to listen. Which no one, did, because they could hear over the whaps of their money being counted.  F.I.A.S.C.O. focuses on hedge-funds at Morgan Stanley, an area of finance so shady that it didn't even fall apart in 2008. Clunky in parts, it reads like a very long magazine article that 's a bit heavy on the technical jargon. In the end you will either shake your head and sigh or clutch your fist, and move your money out of stocks and into a rusty coffee can in the backyard.

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