Infectious Greed
Page 62
Shanks, Eugene
Sharpe ratio
Shaw, David
Shearson Lehman Brothers
Shelf registrations
Shlieifer, Andrei
Shore, Andrew
Shorting stock
Sidgmore, John W.
Siegel, Jeremy
Siegel, Martin
Signature Brands
Silicon Valley high-technology companies
IPOs
Silverman, Henry R.
Simon, United States v.
Single-stock futures
60 Minutes
Skilling, Jeffrey
Skinner, Doug
Smith, Randall
Smith, Roy
Smith Barney
Société Générale
Soros, George
Sosin, Howard
Sotoudeh, Mohamad
Southampton Place (Enron partnership)
SPDR Trust (Spiders)
Special Purpose Entities (SPEs)
disclosure requirements and
Enron and
origin of
three-percent rule
Sperry Lease Finance Corp.
Spiders (SPDR Trust)
Spiegel, Thomas
Spitzer, Eliot
St. Olaf College
Stamenson, Michael
Standard & Poor’s Corp. (S&P)
Orange County, California and
See also Credit-rating agencies
State of Wisconsin Investment Board
Steinhardt, Michael
Steinhardt Partners
Stepanian, Ira
Stewart, Martha
Stock-index options, long-term
Stock market crash of 1987
Stock market speculative bubble of 1990s
CEOs and
See also IPOs (Initial Public Offerings); Securities analysts
Stock options
accounting for
caps on corporate tax deduction for corporate salaries and
effect on behavior of corporate executives
at Enron
grants of stock versus
indexed
outperformance
reloading of
repricing of
valuation of
Stocks
betting against
Stocks for the Long Run (Siegel)
Stone, Andrew
Stout, Lynn A.
Strauss, Thomas
STRIPS
principal-only
Structured finance
Collateralized Bond Obligations (CBOs)
Enron and
purpose of
Structured notes
complexity of
correlation risk of
credit ratings of
described
inverse floaters
issuers of
Quantos
sellers of
Thai Baht Basket-Linked Notes
Student Loan Marketing Association (Sallie Mae)
Subprime mortgages
Suharto family
“Suitability” rules
Sullivan, Scott
Sumitomo Corporation
Summers, Lawrence
Sunbeam Corporation
Supreme Court
Swaps
Bankers Trust and
currency
“diff”
difficulty of evaluating complex
Enron and
of Indefeasible Rights of Use (IRUs)
Japanese banks’ use of
as off-balance sheet transactions
plain-vanilla
prepaid
as unregulated and immune from disclosure requirements
See also Credit default swaps; Interest rate swaps; International Swap Dealers Association (ISDA)
Sybase
Systemic risk
Takeovers
corporate raiders
Tappin, Todd
Tauzin, W. J. “Billy”
Tax-avoidance trades
Taylor, Justice Gary L.
Technology and financial trading. See Financial technology
Technology Crossover Ventures
Tele-Communications Inc.
Telecommunications industry
See also individual companies
Tellabs
Temple, Nancy
Teneco
Tesobonos
Texas Instruments
Thai baht
structured notes and
Thailand
Thaler, Richard
Three-percent rule
3Com
3M Employee Retirement Income Plan
Tiger Management
Tjiwi Kimia
Tokyo Securities
Towers Financial
Toyota
Tracking stock
Treasurers, corporate
Treasury-bond auctions
Mozer’s activities
35 percent rule
when-issued market
Treasury Department, U.S.
Treasury-Linked Swap
TriCapital Ltd.
Trimedia
Trump, Donald
Tudor Investment Corporation
Tversky, Amos
Tyco International
Underwriters Financial Group
Underwriting
disclosure of fees
NASD Rule of Fair Practice 44(c)
Union Bank of Switzerland
United Services Advisors
United States v. Simon
Universal banking
Unterberg, Thomas
Uptick rule
Urbani, David
U.S. Bankcorp
USA Waste Services
VA Linux
Value-At-Risk (VAR) measures
Value Line
Vanguard
VAR (Value-At-Risk) measures
Vazquez, Mitchell
Veribanc Inc.
Vinson & Elkins
Volatility
of currencies
implied volatilities
of mortgages
negative convexity and
objective measures of
of options
Volvo
Vranos, Michael
W. R. Grace
Wachovia
Wachtell, Lipton, Rosen & Katz
Wakeham, Lord John
Waldron, Murray
Walker, Richard H.
Wall Street (film)
Wall Street Journal
Walsh, Brian
Washington Post
Wasserstein, Bruce
Waste Management
Watkins, Sherron
Watson, Charles
Weather derivatives
Weatherstone, Dennis
Welch, Jack F., Jr.
Kidder Peabody and
Whalley, Greg
Wharton School of Business
Wheat, Allen
at Bankers Trust
at CS First Boston
CSFP and
White, Thomas
Whitehead, Edwin
Wilczynski, Melvin
Williams Companies
Winnick, Gary
“Winnick House”
Withit.com
Wood, Judge Kimba
World Bank
WorldCom
board of directors
credit-rating agencies and
IPO
line costs and
manipulation of financial statements
Xerox
Yahoo!
Yeutter, Clayton
Yield curve
Yoon, Jennifer
Young, Judge H. Peter
Yukihusa Fujita
Z-bonds
Zero-coupon Treasury bonds
Zero-margin loans
ZZZZ Best
ABOUT THE AUTHOR
FRANK PARTNOY is the author of F.I.A.S.C.O.: Blood in the Water on Wall Street and The Match King: Ivar Krueger, the Fi
nancial Genius Behind a Century of Wall Street Scandals. He has worked as an investment banker at Morgan Stanley and as a corporate lawyer, and has testified as an expert before both the United States Senate and House of Representatives. A graduate of Yale Law School, he is the George E. Barrett Professor of Law and Finance at the University of San Diego.
PublicAffairs is a publishing house founded in 1997. It is a tribute to the standards, values, and flair of three persons who have served as mentors to countless reporters, writers, editors, and book people of all kinds, including me.
I. F. STONE, proprietor of I. F. Stone’s Weekly, combined a commitment to the First Amendment with entrepreneurial zeal and reporting skill and became one of the great independent journalists in American history. At the age of eighty, Izzy published The Trial of Socrates, which was a national bestseller. He wrote the book after he taught himself ancient Greek.
BENJAMIN C. B RADLEE was for nearly thirty years the charismatic editorial leader of The Washington Post. It was Ben who gave the Post the range and courage to pursue such historic issues as Watergate. He supported his reporters with a tenacity that made them fearless and it is no accident that so many became authors of influential, best-selling books.
ROBERT L. BERNSTEIN, the chief executive of Random House for more than a quarter century, guided one of the nation’s premier publishing houses. Bob was personally responsible for many books of political dissent and argument that challenged tyranny around the globe. He is also the founder and longtime chair of Human Rights Watch, one of the most respected human rights organizations in the world.
For fifty years, the banner of Public Affairs Press was carried by its owner Morris B. Schnapper, who published Gandhi, Nasser, Toynbee, Truman, and about 1,500 other authors. In 1983, Schnapper was described by The Washington Post as “a redoubtable gadfly.” His legacy will endure in the books to come.
Peter Osnos, Founder and Editor-at-Large
eISBN : 978-0-786-73355-2
Copyright © 2009 by Frank Partnoy
Paperback edition published in 2004 by Holt Paperbacks, Henry Holt and Company, LLC Revised paperback edition published in 2009 in the United States by PublicAffairs™, a member of the Perseus Books Group.
All rights reserved.
No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. For information, address PublicAffairs, 250 West 57th Street, Suite 1321, New York, NY 10107.
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Library of Congress Cataloging-in-Publication Data
Partnoy, Frank.
p. cm.
I. Securities fraud—United States. 2. Financial services industry—Corrupt practices—United States. 3. Corporations—United States—Corrupt practices. 4. Corporations—Auditing—United States. 5. Fraud—United States—Prevention. I. Title: How deceit and risk corrupted the financial markets. II. Title.
HV6769.P37 2003
338.6’041’0973—dc21 2002040898