03/18/2010 05:12 am ET | Updated May 25, 2011

Derivatives Reform: 'Tricky Exceptions' Leave Market Unchecked: The Nation

The Obama administration promised to reform the financial system and make it safe for the rest of us, but recent Congressional action is more likely to reset the fuse for another explosive calamity. The time bomb in this case is that arcane financial instrument known as derivatives--the hedging devices that the big banks sell to investors, corporations and other banks to reduce risk or evade the requirements to hold adequate capital on their books.