While the losses from the international credit crisis are extensive and unprecedented, the gains from it are difficult to pinpoint, following the zero-sum game rule in finance where one party's losses are another's gains.

The fraud behind the collapse of the international banking and insurance system is more or less already known. The relaxation of credit rules, the provision of mortgage loans to low-creditworthy borrowers, the subsequent securitization of risky debt, and its sale in the credit market through complex financial instruments, later termed toxic, caused a collapse of investor confidence.

When interest rates began to rise in 2006, the repayment of the toxic derivatives became impossible. The rescue measures proved to be "too little and too late" to save the investment banks. Subsequently, stock markets crashed!

What has yet to be revealed is who caused the credit collapse, whether through negligence or willful action, and who benefited when the market's greed for even higher returns was succeeded by the fear of a crash.