"When you talk about locker room betting, we bet on everything... It's no different than anyone else's office pool. Money changes hands in the locker room; it's whatever you want."

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In an ideal world, one populated by vegetarians and Esperanto speakers, derivatives would be used for one thing only: reducing levels of risk. The list of individual traders who have lost more than a billion dollars at a time betting on derivatives is not short.

— John Lanchester