More great stuff Jan. In politics they say it is not the fraud as much as the cover-ups. In finance it is both and the elaborate lies told to defend it should make economists sorely ashamed. As for the HIGH part, I understand that they still use so much cocaine use that the white patches on their faces make then look like the Uruk-hai from the LOTR.

PS: Insurable Interest only works if the regulated like other insurance instruments, but then they can still go bankrupt. Recall that AIG was the first thing they bailed out in 2007-8. Derivative contracts should all have to go through a clearing house, and many should be outlawed completely, especially those based on wildly over-valued collateral and weak covenants.