Well, it also matters that this was a black-box "trading strategy" in foreign exchange markets. Investing money into stocks and bonds, and then buying protectio

Well, it also matters that this was a black-box "trading strategy" in foreign exchange markets. Investing money into stocks and bonds, and then buying protection on the principal (the fund administration fee is what compensates the bank for guaranteeing the principal, after all) from a bank with low default risk is quite a different thing altogether. Good point, though.