Fiasco: The Inside Story of a Wall Street Trader

Frank Partnoy

Business

Partnoy's first-person confession from inside Morgan Stanley's derivatives desk in the 1990s, detailing how Wall Street sold complex, misunderstood instruments to unsophisticated clients—and the incentive structures that made it rational to keep doing so. Munger recommended it as a visceral case study in how misaligned incentives and perverse institutional culture produce systemic fraud.