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UBS trader Kweku Adoboli’s favourite book?

The favourite book of the trader who could cause a £1.3bn loss is reported to be The Wolf of Wall Street. Read an extract here

A favourite book of Kweku Adoboli’s is reported to be The Wolf of Wall Street, written by fast-living former broker Jordan Belfort. In this extract, Belfort recalls his time in charge of American investment bank Stratton Oakmont.

The investment banking firm of Stratton Oakmont occupied the first floor of a sprawling black-glass office building that rose up four storeys from out of the muddy marrow of an old Long Island swamp pit. Most of the old pit had been reclaimed and it now sported a first-class office complex with an enormous parking lot and a three-level underground parking garage, where Stratton brokers would take mid-afternoon coffee breaks and get laid by a happy hit squad of prostitutes.

Today, as on every day, as we pulled up to the office building I found myself welling up with pride. The mirrored black glass gleamed brilliantly in the morning sunshine, reminding me of just how far I’d come in the last five years. It was hard to imagine that I’d actually started Stratton from out of the electrical closet of a used-car dealership. And now … this!

On the west side of the building there was a grand entranceway meant to dazzle all those who walked through it. But not a soul from Stratton ever did. It was too far out of the way, and time, after all, was money. Instead, everyone, including me, used a concrete ramp on the south side of the building, which led directly to the boardroom.

I climbed out of the back of the limousine, said my parting farewells to George (who nodded without speaking), and then made my way up that ramp. As I passed through the steel doors, I could already make out the faint echoes of the mighty roar, which sounded like the roar of a mob.

After a dozen steps, I turned the corner and there it was: the boardroom of Stratton Oakmont. It was a massive space, more than a football field long and nearly half as wide. It was an open space, with no partitions and a very low ceiling. Tightly packed rows of maple-colored desks were arranged classroom-style, and an endless sea of crisp white dress shirts moved about furiously.

Each broker I passed offered me a wink or a smile as a way of showing their appreciation for this little slice of heaven on earth I’d created. Yes, these were my people. They came to me for hope, love, advice, and direction, and I was 10 times crazier than all of them. Yet one thing we all shared equally was an undying love for the mighty roar. It intoxicated you. It seduced you! It fucking liberated you! It helped you achieve goals you never dreamed yourself capable of! And it swept everyone away, especially me.

And who could argue with such success? The amount of money being made was staggering. A rookie stockbroker was expected to make 0,000 in his first year. By year two you were making 0,000 or you were considered weak and worthless. And by year three you’d better be making a million or more or you were a complete fucking laughing stock.

The Wolf of Wall Street, by Jordan Belfort, is published by Hodder. To buy it for the reduced price of £7.19 (RRP £8.99), call 0330 333 6846 or visit © 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds