This is not a deep-analyzing treatise of how the derivatives markets work, or where they are heading. There were a few limited passages on that, especially at the end, which were my favorite parts of the book. This author is a good explainer. This book is more a readable snapshot of some fairly recent times during the merger of Chicago Board of Trade and Chicago Mercantile Exchange, seen from inside CBOT (and a recent-hire, mid-level employee's perspective, not a dealmaker in the situation). Sometimes (unfortunately, right at the start) it dwells a bit on trivial office life and personalities. When will authors get that the tinny shallow supposed flamboyance of some of these people are mostly pathetic, and beside the point? I guess it is thought to add color. However, I found it a listenable tour through a place and time, with some very very basic explanations of the business of these organizations. And, it was an OK blow-by-blow of living through a corporate merger. Overall, this was a relaxing and light sort of business read, and in that, worth it. It really whet my appetite to learn more about these markets and exchanges. I wish we had something with more meat to it, in that regard, a bit more technical.
We follow this author from an unspectacular start in high school, to increasing success in college and university, to his starting up cutting-edge businesses. The author has a refreshing matter-of-factness, a lack of annoying vanity and razzle-dazzle. He effortlessly moves from clearly explaining some thinking-through of business and entrepreneurship problems, to their implementation by his finding the right people (with money, technology, legal, accounting, etc.) and doing each deal with them, to personal anecdotes that move the story along. He is willing to describe insecurities, awkward moments and setbacks, and thus to give us a "you are there" feel for his struggles, and his pushing forward, pivoting and adjusting, sweating through tough moments, to build success, at each stage. He doesn't bog down in any backwater of the story. The breezy style and lack of phony grandiosity is refreshing. He was in NYC at the ground floor of computerization of trading; he was the living, breathing, entrepreneurial expression of it, coming from the outside of the big Wall Street firms (though many of these ideas became big profit centers later for some of those firms, and the core of many later, more famliar Wall Street stories). He learned well in school, and started putting pieces together in new combinations, and knocking on doors to get it done. To learn a topic, I like to get to its primitive ideas and original thinkers, and work forward through its evolution, and this book serves nicely. It is a segment of the story I hadn't seen. The narrator fits very well with the matter-of-fact, plain-speaking style.
This Kreuger was sure clever. And we get a fine level of detail here. And yes, he was a fraudster and a criminal of a new international sort. But he was a creator too. I have an emerging fascination with all the spinoffs of innovation, good and bad, and who particularly captures value over bigger frames of time, alongside the simplistic story lines. Krueger invented several derivative securities so advanced that regulators (and bankers) didn't know what they were looking at. But investors liked them, and if only Kreuger had the right controls and ethics in place, the whole financial world might have gone differently. Some of the ideas, in amongst the undeniable disasters, were pretty good ideas. I think author Frank Partnoy really hit his stride here. I only wish more of his titles were in audio (audible, how about producing Infectious Greed?). His business writings always mix great clarity and facility with the ideas and deals, with rock-solid ethics, and in that, he is a leader and a man I greatly admire, and hope to meet someday.