Yet this might be a good time to introduce derivatives.

ECONOMIST: Indian derivatives

Mr Oudea rejects the idea of a systemic failure, arguing that the loss was a product of a particular time and place: a period of rapid growth in equity derivatives, which overstretched the bank's capacity to monitor itself, and a peripheral trading desk where people were less jumpy about the risk of fraud.

ECONOMIST: Soci��t�� G��n��rale

This time, the bubble has taken the form of secret trading in derivatives.

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Though he wasn't there at the time, Meyer says Harvard Management bought the commodity and foreign stock derivatives as a way to get exposure to those asset classes while freeing up cash to put to work elsewhere.

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According to the fee request Kirby McInerney filed with the court, the law firm and others including Motley Rice and Glancy Binkow, along with outside contract attorneys, racked up 87, 000 hours of professional time after filing the lawsuit in 2008 accusing Citi of misleading investors about the risk of its derivatives business.

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Now that a once-obscure JPMorgan Chase derivatives trader named Bruno Iksil has become infamous as the London Whale, I suppose it is time to ask whether what he does should be subject to new taxes.

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