Fiasco

Frank Partnoy's account of selling derivatives for Morgan Stanley early in his career takes readers onto the trading floor of a leading investment bank. He learned to sell billions of dollars' worth of securities so complex that many traders did not understand them, and he describes the macho culture and cutthroat tactics of his colleagues. He also recounts the firm's annual drunken skeet-shooting contest, called FIASCO, where salesmen honed killer instincts they were urged to turn on competitors, clients and one another. The book indicts the largely unregulated derivatives market and warns investors about real fiascos that have cost billions. A later edition added an epilogue tying his story to the 2008 financial crisis.

Charlie Munger recalled being shocked as he read it and warned that it will make readers sick.