"Delta One" (Doug Noland Commentary)

``Increasingly, I ponder to what extent the marketplace will continue to trust both the fairness and soundness of risk hedging markets. If sophisticated traders are operating in the marketplace specifically to extract profits from those buying derivative hedges, doesn't this in reality greatly increase the cost of this market protection? It's all become a very dangerous -- and offensive -- game: the myth of a functional marketplace for market insurance. The bottom line is that Credit and market risks are not "insurable".''