This book describes the use of derivatives in the mid-1990s, especially at Morgan Stanley which is not painted in any attractive colors. There is a bit of mention of CDOs which have been the very recent instrument of financial destruction on Wall Street.It is not really dated in any way: everything about the portrait of derivatives applies to the current mortgage-based derivatives.
Makes you wonder though why pension funds and investors continue to do business with firms who so obviously are "ripping their faces off."
