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Warren Buffet to the dangers of "Derivatives" trading some years ago.

The collapse of Baring's was also a "practical" warning-shot. At "Baring's collapse time, seemingly few Bank managers/directors, Central Bankers or Market Regulators world-wide understood the true nature of the instruments being traded and the leveraged effects in debt terms, such structures contained.

What have the financial markets learnt since then? Apparently, little. The world's financial markets are now seriously and extensively contaminated by "sub-prime" debt. Previously highly-rated financial institutions in many countries have effectively arbitraged that risk standing down to garbage level and, for... For What? Management bonuses?

Doubtless, the taxpayer will yet again have to foot-the-bill and who will be held responsible? Whose bonus will be clawed-back?

There's a saying that goes something like "those who don't learn from history are doomed to repeat it". When will the financial markets learn THAT I wonder..?