Bill, Fuchs, et. al,

Happy Thanksgiving to all.

You might find these links to be of interest when thinking about risk, debt (return rates, quality, ability to recover principle, gross vs net, etc), volatility, and transparency with respect to the topology and networks of the sausage making process that is finance.

Heed the ‘transparent’ lessons from MF Global, By Dr. Gillian Tett, November 24, 2011 5:39 pm, Financial Times, www.ft.com

Investors have also made the painful discovery that credit risk and asset price swings are not the only thing which can damage portfolios; counterparty and liquidity risks matter too. And they have realised that published, audited accounts do not reveal those subtle, secondary counterparty and liquidity risks; nor do the reports that hedge funds have traditionally given their clients.

These lessons are having tangible consequences. One is that the audit profession is now, belatedly, engaging in new soul searching. In the coming months, for example, American auditors will hold a series of round-tables to discuss whether their time-honoured system for auditing banks, say, needs to be updated for the new internet, Twitter age.
Zero Hedge blog background from wikipedia, http://en.wikipedia.org/wiki/Zero_Hedge

Zero Hedge is an American financial blog. It reports on Wall Street and the financial sector and is credited with bringing the controversial practice of flash trading to public attention in 2009 via a series of posts alleging that Goldman Sachs' access to flash order information allowed the firm to gain unfair profits. The blog is written by a group of people who write under the pseudonym "Tyler Durden". Though derided by the mainstream press as being fraught with conspiracy theories, the blog grew quickly and has been called a "blog sensation".
URL for the Zero Hedge Blog www.zerohedge.com