That is the US media desparately trying to find an obscure way to blame President Clinton for the current mess rather than the boy they lavishly supported up until this year.

At mid-year, June 30, 2008, the Office of the Comptroller of the Currency (OCC) reported that Citi’s primary banking unit, Citibank NA, held $37.1 trillion in total notional value derivatives, including $3.6 trillion in credit default swaps, which, in recent months, have proven to be the most dangerous category. At mid-year, June 30, 2008, the Office of the Comptroller of the Currency (OCC) reported that Citi’s primary banking unit, Citibank NA, held $37.1 trillion in total notional value derivatives, including $3.6 trillion in credit default swaps, which, in recent months, have proven to be the most dangerous category.
In contrast, Wachovia bank, bought out by JP Morgan Chase in a deal brokered by the regulators, had only $4.4 trillion in derivatives, among which $404 billion were in credit default swaps, or only one-ninth the size of Citigroup’s.

I had read a few weeks ago in the Australian I think that the big four banks in Australia had almost three times their cash asserts tied up in derivatives. People like me will ask for our money particularly when we need to buy food. To me it looks like successive governments including ours have allowed their mates in the money game to trade while insolvent. Tell me how tipping in billions of dollars, when trillions are missing will help? Correct me if I am wrong but it looks to me like, the people at the bottom will be stuck with the bill for the world wide economic mismanagement.
Edward James