The man (Bob Lamb - NYU Stern School of Business) who was talking to Margret Brennen right now is correct. There were more derivatives allowed to be issued then were ever allowed. It use to be impossible to get options on stocks.
These structured derivatives we being sold at a far larger volume then common stock. A derivative has almost no value. It is derived from a structure that has a little more than no value, common stock. This means a company had no value because the underlying derivative had taken all the value from the stock.
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