'', But she disputed Mr. Partnoy's characterization of Morgan Stanley: ''I'm not saying it's a nunnery, but this is not the culture of the firm. This concern, though, was apparently not shared with clients. Despite its jokey title and irreverent tone, Mr. Partnoy's book has a serious mission. He was a George E. Barrett Professor of Law and Finance and the founding director of the Center on Corporate and Securities Law at the University of San Diego, where he taught for twenty-one years.He is one of the world's leading experts on the complexities of modern finance and financial market regulation. In an interview yesterday, Mr. Partnoy said: ''I had to write this book. Many institutional investors, and mutual funds, with big investments in Mexico did not fare so well; Morgan Stanley, Mr. Partnoy notes, ''had been among the largest sellers of Mexican derivatives to these funds. Also, Mr. Sonnenborn said, Mr. Partnoy was not at the firm when two other transactions he discusses were carried out. One area of focus has been credit rating agencies, which he said “were at the center of the 2008 financial crisis and continue to pose all kinds of significant problems.” 256 "70% of derivatives professionals say they expect big losses in the coming year" Pg 277 "If the SEC and the U.S. Attorney's office are busy prosecuting basic cases-insider trading, the mafia selling non-existent stocks-how can they possibly compete against the big boys, especially when the big boys are tucked away in Grand Cayman, protected by special tax legislation, insulated from disclosure requirements and hidden from the public view with a P.O. For the same pay - McDonalds, without a doubt...Shoveling manure or Morgan Stanley? In any event a short, quick, well written and humorous read that seems strangely prescient. Published by Thriftbooks.com User , 14 years ago, I love starting a review with a few memorable quotes because if you read the book the quotes will bring it all back no matter how long its been since you read it, and if you did not read the book and are intrigued by the quotes you'll buy it on the spot (at least I do). Box address?" '', When the Mexican peso crashed in December 1994, Morgan Stanley had some nervous moments before it confirmed that it indeed had been paid for some Mexican derivatives transactions that closed before the bad news hit, Mr. Partnoy writes. Now that we are in the midst of another derivative crisis and we are watching our politicians on both sides of the aisle falling over themselves to bail out Wall Street under the guise of helping the homeowner....I am thinking that this book should have been required reading before the more recent crisis. Mr. Partnoy's tale, published this month by W. W. Norton & Company, is named for Morgan Stanley's Fixed Income Annual Sporting Clays Outing, its annual skeet-shooting extravaganza. Notwithstanding the focus on hedge fund activism, fundamental questions remain. 130 Quoting another bond salesman, "Let me tell you something, If a bond can not be sold with two hockey tickets and a good bottle of wine, the bond can not be sold" Pg. Frank Partnoy worked as a derivatives structurer at Morgan Stanley and two years as a lawyer at Covington & Burling. But it may end up being compared more to ''You'll Never Eat Lunch in This Town Again,'' the Julia Phillips send-up of Hollywood hotshots, for the cheeky way it names names and the chilly way it is being received. TimesMachine is an exclusive benefit for home delivery and digital subscribers. . Wall Street, and particularly the Morgan Stanley Group, one of its most prestigious firms, is a savage place where sharklike financiers devise increasingly complex securities that in traders' argot may ''blow up'' or even ''rip the faces off'' their clients: insurers, mutual funds and, increasingly, unsuspecting individual investors of Main Street. They wanted, they demanded, "leverage"-the ability to borrow to take on greater risk" Pg 205 "Out of curiosity I asked everyone what other jobs they would be willing to take instead of their current jobs at Morgan Stanley if the pay remained the same...Would you rather work at McDonalds or at Morgan Stanley? - This was a totally smoke and mirrors gain done strictly for the purpose beefing up returns. It seeks to show that derivatives -- those complex securities that owe their value, or are derived from, underlying stocks and bonds -- are but the latest method that Wall Street is using to skin Main Street. The book was published in 1997. The betrayal theme, of course, has arisen before, in lawsuits brought by Procter & Gamble and Gibson Greetings against the financiers at Bankers Trust New York who sold them derivatives that later caused big losses. I believe derivatives are the most recent example in the history of finance: Wall Street bilks Main St." Pg 252 "Could a $70,000-a-year Securities and Exchange Commission investigator ever catch a $700,000-a-year derivatives salesman?" Overall though, he describes his experiences and general Wall Street culture with enough insight that you can feel his disgust, and applaud when he eventually steps away from it all.A great business book, flaws and all, and a perfect antidote to all the puffery surrounding coverage of financial markets and Wall Street these days. I don't know if Bernanke has read this but it might be a good idea for him. So here it goes: Pg. By the time clients figure out the true pricing of what they have carted off, Mr. Partnoy contends, the Wall Streeters are long gone. Morgan Stanley, a firm that has always prided itself for delivering top-notch service to a roster of blue-chip clients, is not amused by Mr. Partnoy's kiss-and-tell book. Frank Partnoy is a Professor of Law at the University of California Berkeley School of Law. On the other hand, numerous studies suggest credit ratings are of limited informational value. '', Andrew McMillan, a spokesman for Credit Suisse First Boston, confirmed that Mr. Partnoy had worked there from August 1993 until February 1994, but declined to comment further on the book, saying, ''We haven't seen it yet. 176 "The involvement of European issuers seemed fitting. 126 Frank quotes Warren Buffett, "If you don't know who the sucker is, it is you". It ... A primary cause of the recent credit market turmoil was overdependence on credit ratings and credit rating agencies. Morgan Stanley's derivatives group, for instance, became increasingly concerned about Mexico in late 1994, according to Mr. Partnoy. Were Morgan Stanley or another major firm to fleece clients as the book contends, Mr. Sonnenborn added, that firm would lose clients. In fact, I will never trust ANY full service broker again. One area of focus has been credit rating agencies, which he said “were at the center of the 2008 financial crisis and continue to pose all kinds of significant problems.” Partnoy has testified before Congress. It should be required reading by our securities regulators and our representatives on capitol hill. Pg 226 Talking about packaging a product for the purpose of creating an illusion of a gain, which happens to create the largest fee's ever ($75 million), "Of the $571 million, the investor immediately realized a huge gain, roughly $400 million." It is clearly an attempt to write an account of the derivatives business to set on the shelf beside such Wall Street exposes as ''Liar's Poker,'' Michael Lewis's inside account of Salomon Brothers's once-swaggering ways, and ''The Predators' Ball,'' Connie Bruck's look at Drexel Burnham Lambert and the junk bond business it spawned. '', That Mr. Partnoy was gainfully, if briefly, employed on Wall Street is beyond dispute. The distinction between “material” and “existential” plays a prominent role in A Theory of Fields, and it played a prominent role in discussions at the Berle VII Symposium.
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