Such a drug exists. Namely, anything of the benzodiazepine class.
short/longterm memories will be shot full of holes when on benzos for a while. even one night of benzo usage and you will forget most of the night, mix in a beer by accident and the whole night will be erased.
When it was finally released on the market, the dosage was a fraction of what he had take in his clinical trial.
benzos wipe out most of your ability to inhibit behavior along with your ability to form memories. it practically guarantees that you're a mess.
your concentration goes to shit, along with most of your higher functions... at least at the quantity that it takes to make you black out.
there are a lot of stories about what happens when the "xan man" (the xanax overdose state) comes out to play. most of them are bad.