Ed Markey: “this is Time magazine: ``Ego and greed, the insider story of the 28-year-old trader who blew $1 billion, broke a bank…”

“this is Time magazine: ``Ego and greed, the insider story of the 28-year-old trader who blew $1 billion, broke a bank, and stunned the world.'' This is Fortune magazine from 2 weeks ago: ``The risk that won't go away; financial derivatives are tightening their grip on the world economy, and nobody knows how to control them.'' Mr. Chairman, we are talking here about ensuring that these very sophisticated geniuses not be able to inoculate themselves against suit while they are dealing in these very risky financial products that are so complex that, in more instances, the CEO's of the companies themselves do not understand them. Proctor & Gamble, Gibson, companies across this country are alleging that they were misled into these products. The objective of the Markey amendment out here is to ensure that investors are protected when they are misled into products of this nature, which by their very personality cannot possibly be understood by ordinary, unsophisticated investors. By that, I mean the town treasurers, the country treasurers, the ordinary individual that thinks that they are sophisticated, but they are not so sophisticated that they can understand an algorithm that stretches out for half a mile and was constructed only inside of the mind of this 26- or 28-year-old summa cum laude in mathematics from Cal Tech or from MIT who constructed it. No one else in the firm understands it.”