Also: the father of Collin Finnerty, one of the two players who were arrested, is Kevin Finnerty (left), a former JP Morgan MD who ran mortgage-backed securities there and was on the board of the Bond Market Association, which, if our nepotism theory holds true, seems relevant. Informal polling indicates that he's probably screwed.

Unlike fixed annuities, the value of the account is not guaranteed?annuitants assume the risk involved in investing their premiums in exchange for potentially higher returns. In fact, under government rules, individuals with a personal pension can take up to 25 % of the value of their funds as a tax-free lump sum when they retire.

Yes there are more compliance and risk managers than ever-but more is not necessarily better.Yes you have much better quantification of risk through fancy Value at Risk models, but after the day this is not much use. The reason for this is not, as the financial press would have you believe, because these are complex, exotic financial instruments.