Anyone who's ever tried to make an insurance claim suddenly realizes that the entire industry is a scam. You're their treasured client while you're making the payments, but when you get burgled or your house burns down, suddenly they're the adversary. They do everything they can to screw you out of the restitution you've been dutifully investing in at sky-high rates all these years. Insurance is profitable so long as nothing bad ever happens.

Leave it to the geniuses at CJH to take the point to extremes in order to prove it. Why do we have to bail them out to the tune of trillions of dollars? Well, it turns out that they insured some of the world's largest banks, mostly in Europe, against the possibility of a global economic meltdown. This was a profitable line of business for them in 2003 and 2004. Except now that a global economic meltdown has arrived, it comes to light that CJH hasn't got the money to pay their claims. And never did have the money. Never made an attempt to have the money. So now, unless the federal government continues to pump cash into CJH, the world's banks start to fall like dominoes. Because they built their business plans around the naïve thought that CJH would pay out when the conditions laid out in their policies came to pass.

Of course, the final layer of irony is that it was CJH, arm-in-arm with Lehman, that touched off the global meltdown! This isn't just putting the fox in charge of the henhouse. It's paying the fox to insure your henhouse.