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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Maurice Winn who wrote (14440)2/4/2002 9:27:05 PM
From: Raymond Duray  Read Replies (1) of 74559
 
maurice,

Re: Enron seems to have been purely a 'get the dosh' investment and business. Did they like their customers, shareholders and business associates and wish them to do well***? I suspect not.

Professor Frank Partnoy, who is helping the Senate Government Affairs Committee to understand derivatives:

321gold.com

wrote an eye-opening book call F.I.A.S.C.O. a few years ago. It described his career at Morgan Stanley's Fixed Income Division, writing derivatives contracts. One day Dr. Partnoy overheard a conversation with a derivatives salesman taking to a customer, a treasurer of a mid-sized Midwestern insurance company, explaining the footnotes in a previously signed hedging contract and explaining to the treasurer exactly how it was that he had lost $7 MM in two days on the devaluation of the Thai baht, which wasn't a currency that the treasurer though he'd involved himself with is a yen-dollar contract. Alas, the footnote on page 17 indicated otherwise. After sympathizing with the man who was about to lose his job, and his career, he ***"wished him well". Partnoy, who'd overheard only bits and pieces of the conversation asked the trader what was up. The trader casually said, "Oh, I just ripped his face off."

-Ray
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