Sir, The loss of 93 per cent of value by holders of the exotic VIX-linked product devised by Credit Suisse makes me wonder. Why wrap up the product, as surely for every loser there will have been a winner on the opposite side of any trades?

I thought that was how the system worked. You gamble with your assets, or more often with borrowed leverage, and sometimes you win, sometimes you lose.

Dave Siddall
Cockermouth, Cumbria, UK

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