It isn't just the betting on companies to fail, it is all of the derivative market(estimated at about 3/4 of all "money" in the world, where money is being made in an opaque and unregulated industry, that has no checks and balances almost and, only some people can actually truly access it. And, it is speculation on what is essentially nothing....
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I spent a year earning a master's in finance, and by the end of the year I was left in utter disgust over all the ridiculous derivative products. I vowed to only use my finance knowledge to help my friends and family and refused to accept any offers at big energy companies, investment banks or consulting firms. At least I know how to take advantage of all the tax writeoffs.