His point was that much of the explosive growth in the trading of complex financial products - CDOs, ABSs, CDS, EFTs and so on, until we were all alphabetty crazy - may have been (in his words) socially useless.

BBC: How scary is a financial transactions tax?

We like to assume that all will be well if only we could put a stop to RTOs, securitizations, derivatives, junk bonds, LBOs, hedge funds, leveraged EFTs (not really an ethical thing, but something that has been similarly demonized), sell-side analysts, and as anything else that comes our way in the future.

FORBES: Reverse Takeovers: The Poor Man's IPO Deserves Some Respect