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&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot; align=&quot;left&quot;&gt;Michael Greenberger, a former Director at the Commodity Futures Trading Commission and now a law professor, was on the radio last night addressing the question &amp;#8220;Could Wall Street Woes Trigger a Global Crisis&amp;#8221; (short answer: yes). For anyone who managed to get through law school without learning what a credit default swap* is, the interview provides an excellent primer on complex financial instruments. It is also scary as hell. Listen here.&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot; align=&quot;left&quot;&gt;&amp;nbsp;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot; align=&quot;left&quot;&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;Here is a (paraphrased) sample: &lt;blockquote&gt;&amp;#8220;The credit derivative market is estimated to exceed $62 trillion&amp;#8212;exceeding all the money in stocks and bonds combined&amp;#8230;it&amp;#8217;s not some little sideshow, it&amp;#8217;s become the predominant method of transacting business in this economy. That is why I teach this class (&amp;#8220;Futures, Options and Derivatives&amp;#8221;)&amp;#8212;I think young lawyers should be armed to understand complex financial instruments &amp;#8212;I am one of the very few&amp;nbsp;law professors who try to explain them&amp;#8212;most law schools are still worrying about stocks and bonds.&amp;#8221;&lt;/blockquote&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;span class=&quot;text&quot;&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot; align=&quot;right&quot;&gt;-posted by brian&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot; align=&quot;right&quot;&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&amp;nbsp;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;*&amp;#8220;Really insurance but not regulated like insurance; really a futures contracts but not regulated like a&amp;nbsp;futures contract&amp;#8221;&lt;/p&gt;

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