but as darren gersh reports, that move is not without controversy. >> reporter: the subprime mortgage crisis was bad enough, but it was made worse by derivatives. those are complicated financial contracts that operate like a bet or an insurance policy. in the financial crisis, derivatives expanded that mortgage risk and spread it around the world. the senate financial reform bill tackles that problem by forcing banks to spin off their derivative operations. consumer advocates like public citizen's robert weissman fought for the provision and are working to make sure it is signed into law. >> this is the kind of business we should not want in the united states. we should not want it to exist in the united states. we shouldn't want it to exist anywhere in the world, but we shouldn't want the business that relies on conning people, tricking people, even sophisticated investors to take place within our borders. >> reporter: companies ranging from real estate developers to oil drillers use derivatives to manage their risks. and the obama administration and federal reserve chairman ben bern

darren gersh began by asking john lipsky if the greek rescue package is big enough. >> of course we thinkis large enough. it's very large relative to the greek economy.çó and it should provide adequate breathing space for the greek authorities as they implement a very strenuous program of fiscal adjustment and structure reforms that will put their economy in a position to resume solid growth and sustainable growth in the future. >> you talked about a very strenuous program. you're talking about having greece cutting 10% of their annual output? how is that going to work when the country is already sliding into a recession. >> well, the next year-and-a-half or two years are going to be very difficult period. but the starting point is one of very large fiscal deficit. nearly 14% of g.d.p. have large primary deficit, that means evenç taking out debt payments, they have a very large deficit. this simply has to be adjusted. at the same time, the economy has to regain competitiveness in -- with its euro trading partners. all of this is going to require an actual decline in nominal g.d.p. this y