This exposure is a significant penalty for filing, especially as it gives the credit market useful information about the riskiness of lending to the individual.

ECONOMIST: America goes bust

And corporate breaches spill millions of customers' credit card information into the black market: A breach in January at the retailer TJ Maxx revealed the private financial data of more than 46 million customers, while Certegy Credit Systems, a branch of Fidelity National Information Services, announced last week that a former employee had stolen and sold customers' data, exposing as many as 2.3 million accounts.

FORBES: Magazine Article

And corporate breaches spill millions of customers' credit card information into the black market: A breach in January at the retailer TJ Maxx (nyse: TJX - news - people ) revealed the private financial data of more than 46 million customers, while Certegy Credit Systems, a branch of Fidelity National Information Services, announced last week that a former employee had stolen and sold customers' data, exposing as many as 2.3 million accounts.

FORBES: Hack From The Rich, Give To The Poor

Importantly, these bets provide a liquid market for credit risk, which lowers the cost of hedging for those with primary exposure, and provides the market with better information about whether Greece or General Electric is a good credit risk.

FORBES: Credit Derivatives Don't Kill Countries, Politicians Do

One of the problems is the lack of clear information, outside the banks and trading floors, about the credit derivatives market.

FORBES: Credit Crisis: Where Was The SEC?