Legal disputes in relation to derivatives stipulated in recent years by the Italian public administration are becoming increasingly critical in terms of correctly defining the responsibilities of such transactions. We are still shouldering the derivative contracts entered into in 1993 whose ever-opaque closing cost could be over 20 billion euro, an enormous financial manoeuvre compared to the 230 billion lire at the time of negotiations. Also emerging now are the real responsibilities of investment banks that have been overlooked for too long; the facts have been known for some time but it would seem that the tip of the iceberg is only now beginning to emerge. Last year, the US Justice Department condemned the record compensations of JPMorgan and BOFA for fraudulent conduct in the management of the subprime loans that caused the crisis from which the banks themselves were saved, loading the cost of the operation on public debt (if this is the case, then why were they saved?). The subject of derivatives, after the sub-primes, is even more devastating.