Infectious Greed

Infectious Greed

How Deceit and Risk Corrupted the Financial Markets

Book - 2003 | 1st. ed.
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From the bestselling author of F.I.A.S.C.O. , a
riveting chronicle of the rise of dangerous
financial instruments and the growing crisis in American business
The still-unfolding financial story is terrifying. One by one, major corporations such as Enron, Global Crossing, and Worldcom are imploding all around us, prey to a greed-driven culture and dubious or illegal corporate finance and accounting. Our financial system has suddenly reached a perilous crossroads.
In a compelling and disturbing narrative, Frank Partnoy brings to bear all of his skills and experience as a securities attorney, financial analyst, law professor, and bestselling author to tell the story of the rise of the trading instruments and corporate financial structures that now imperil the economic health of the country. Starting in the mid-1980s with the introduction of the first proto-derivatives, and taking us through such high-profile disasters as Barings Bank and Long Term Capital Management, Partnoy traces a seamless progression to today's dangerous manipulations. He documents how each new level of financial risk and complexity obscured the sickness of the company in question, and required ever more ingenious deceptions. The story becomes more alarming with each passing day, but Partnoy offers a clear vision of how we can step back from the precipice.
Publisher: New York : Times Books, 2003.
Edition: 1st. ed.
ISBN: 9780805072679
0805072675
Branch Call Number: 338.60410973 P273
Characteristics: xii, 464 p. ; 25 cm.

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fpm
Jul 04, 2011

This is an "older" book - that is, it predates the world-wide fiscal crisis with its most obvious symptoms beginning in late 2008. That is all the more impressive, because it is extremely relevant, perhaps prescient, regarding the current fiscal mess.
As one not entirely tuned into the world of high finance, it is disturbing to see how the foundations of our current difficulties began years ago; and worse, how those in government and in the financial sector have known of many of the underlying problems for years - and have avoided changing things to correct the problems.
Strongly recommended for any voter, or anyone ever inspired to write to their government representatives.

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