What is ' the accountants sold out'?
Munger surmised that the whole thing is a Mad Hatter’s Tea Party and that the accountants sold out.

Munger is criticizing the use of derivatives. What does 'the accountants sold out' mean?

Question

What is ' the accountants sold out'?
Munger surmised that the whole thing is a Mad Hatter’s Tea Party and that the accountants sold out.

Munger is criticizing the use of derivatives. What does 'the accountants sold out' mean?

Answer

to sell out:  to betray (an associate, one's country, a cause, etc.); turn traitor: He committed suicide rather than sell out to the enemy. 
https://www.dictionary.com/browse/sell--out