Immigration minister Phil Woolas recently admitted that the student visa system is "the major loophole in Britain's border controls".

CENTERFORSECURITYPOLICY: Center For Security Policy

Is there a loophole in the immigration system?

WHITEHOUSE: Press Briefing

Then there are the boats based in Northern Ireland, often staffed with diligent, sober Filipinos taking advantage of a loophole in the visa system, who cope with the privations of life at sea better than the average Scot.

ECONOMIST: Fishing in Scotland

This is not a loophole, this is not a flaw in the system.

FORBES: Google's Tax Dodging Ways

This loophole let them start it up with some custom-built software rather than its onboard Android operating system.

BBC: Frozen Android phones give up data secrets

The loophole in question has to do with derivatives, those infamous instruments often blamed for taking the financial system to the brink.

FORBES: The $5 Trillion Loophole