Testimony of Professor William Black on derivatives and the current crisis

Some of you have asked for the link to Professor William Black's testimony before Congress back in October. He spoke about the role of financial derivatives in the ongoing crisis. Some of the points he touched upon were deregulation, perverse compensation, credit default swaps and their role in augmenting risk and volatility, the Community Reinvestment Act and Fannie Mae/Freddie Mac. It's excellent stuff!

Read the entire testimony here.