There could yet be one beneficiary from the collapse of Yamichi: Frank Partnoy, author of recently published FIASCO, subtitled Blood in the Water on Wall Street. The former emerging-markets derivatives trader at Morgan Stanley exposes the aggression and greed that drove derivatives teams to take advantage of naive clients during the mid-1990s.
Aside from describing the usual jolly japes we might expect from traders, Partnoy records his growing disillusionment with a business which took big fees selling derivatives to clients who could not value them properly and sometimes had scarcely the faintest grasp of the risks they were taking.
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