The Fitch Rating reports on derivatives exposure keeps rippling through the industry. Some are outraged to say the least. One money manager puts it harshly: "The fact is that as long as these five banking oligarchies are allowed to continue to exist, then every time they threaten to destroy themselves through their reckless, greedy gambling, the entire global economy will be put at risk. There is only one possible solution to this situation: These five oligarchies must be smashed into little pieces."

It is rather stunning that just five banks account for nearly all of derivatives exposure. When it comes to credit derivatives, JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup and Morgan Stanley account for 96 percent of all exposure. Wow. The data was drawn from financial reports, which for the first time included derivatives data. Other surprises: Exxon Mobil doesn't use derivatives to hedge--which is smart. A hedge that isn't needed is essentially a cost. 

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