By Frank Partnoy
Frank Partnoy, a former high-flying derivatives salesman, provides a brilliant and surprising account of the vicious festival, uncooked machismo and soiled tips at paintings within the riskiest region of the inventory marketplace. Billions of greenbacks worthy of securities are traded - and misplaced - during this extraordinary area. Derivatives buying and selling has additionally performed an important half within the worldwide credits crunch that's the greatest tale on the earth at the present time. This version incorporates a sensational new bankruptcy masking this, and all of the different most recent scandals.
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Additional info for F.I.A.S.C.O.: Blood in the Water on Wall Street
I felt a complete fool. But rather than admit defeat, I continued to pump money into the company—maintaining a staff base, running servers, and paying for marketing campaigns—until eventually I physically couldn’t keep it going anymore and I had to close it down with losses of over £300,000. As it was a limited company and all the money had been invested as shares, I didn’t have to pay anyone back, but I had just lost all the money my parents and their friends had invested. Failure of any kind is not tolerated in Chinese culture, and people will do anything to save face.
John kept insisting that this Asian tour would be the making of us. In the end I agreed to run it past Annika, but I told John that she would have the final word. She considered all the facts carefully and said that I should go. Obviously we lost a lot of money cancelling the holiday, but what I gained professionally, and eventually financially, more than made up for it. Plus, Annika and Hannah joined me for part of the tour and we were able to spend time with my older sister, who lives in Singapore.
He soon listed on the London Stock Exchange and has never looked back. He successfully proved his old Boots boss wrong! I threw myself into my work and even took it upon myself to work in my own time, delivering repeat prescriptions to OAPs so that they wouldn’t have to make another trip to the pharmacy. My starting salary was £22,000 with overtime, which I was more than happy with at first. But I soon realized, like John did, that whatever you earn is never enough. One of my best friends, Ascanio, had studied at the London School of Economics.