FIASCO is a frank and fascinating diary of a man who knows the behind-the-scenes side of the financial jungle of the 1990s, the story of a young Morgan Stanley employee learning the intricacies of that merciless web of ephemeral securities in which billions of dollars disappear in such incredible and incomprehensible ways. that few people can figure it out. Frank Partnoy masterfully paints a world of unforgiving, cunning barkers who convince people unaware of the trick to buy derivatives. Sometimes these gentlemen jokingly compare their creations to means of mass destruction. Clients can only realize that they have been shamelessly “thrown in”: they don’t have a single chance against a sophisticated player. This book is written with humor and is filled with colorful characters. It should serve as a warning to anyone who has shares in funds, stocks, or even an insurance policy. The book is intended for a wide range of readers.