Oh goody! Just what we need: a profit incentive for Wall Street to tank the global economy:

Credit specialists at Citi are considering launching the first derivatives intended to pay out in the event of a financial crisis.

As Heather Booth of Americans for Financial Reform notes, this is no joke:

The Onion probably wishes it had written this story. Unfortunately it’s no joke. Even Citi is convinced too little has been done to avoid the next financial crisis – in fact, so strongly do they feel a repeat is possible, they are offering financial products to gain from the next collapse! With this scheme, they can bet there either will be or will not be a collapse – to which they contribute. The notion that Citi would look to make money off another collapse is inexcusable, irrational and blatantly irresponsible.

Wall Street knows how to profit from crisis. Now, more than ever, Main Street needs safeguards in place to guard against another crisis.