Publisher's Synopsis
Ever since the earliest days of commerce, businesspeople have organized themselves into partnerships. They formed groups with a common interest and worked together as a single unit, assuming both the risks and rewards of the business. It was a natural way of achieving a common goal. If the business succeeded, all of the partners made money. If it flourished, the partners even sometimes became rich. However, success was not assured and if the business failed, they all suffered together. In addition to a multitude of other industries, this was the model that dominated how Wall Street firms operated up until the 1980s. Beginning in the 1980s, it was not uncommon to find that a freshly-hired trainee a kid literally right out of college knew more about the new financial instruments than the CEO of the firm that hired him. In some instances, the kids were learning about the finer points of newly-invented instruments before their managers knew they even existed. These were the new breed of traders scattered across the trading desks. The individuals whose stories compose the contents of this book are some of the smartest people you will ever read about. They had an intimate understanding of the markets and how best to make money from them, but they also had an equally in-depth knowledge of some of the flaws in the markets. Or sometimes, flaws in the systems at the banks themselves. They used their knowledge to make money. And when that failed, they often used their knowledge of how they system was structured to hide their losses. And when that failed, there was no turning back.
