Dr. Michael Burry, who made billions of dollars shorting tranches of subprime mortgage backed securities via credit default swaps (before John Paulson's big short), gave a lecture at Vanderbilt University on 4/5/2011. In June of 2005, Burry used Deutsche Bank to buy his first credit default swap contract (a credit derivative that insures against losses on subprime MBS tranches). In early 2010, Dr. Burry was featured in Michael Lewis's book "The Big Short" and was on 60 Minutes. He also dissed the Federal Reserve, Ben Bernanke and Alan Greenspan in a New York Times oped last year ("I Saw the Crisis Coming. Why Didn’t the Fed?"). He remains very critical of the Federal Reserve and regulators since they failed to foresee the financial crisis (and shut down the financial crack houses before they became a systemic risk). If you can't watch the video, the blog Distressed Debt Investing transcribed the speech. Remember, Michael Burry was a former neurology resident, turned value investor, who was the first hedge fund manager (and credit trader at a big bank?) to buy credit default swaps. Burry placed his first CDS trade six months before the ABX indices were created (1/2006), which Paulson & Co printed money on. I'm listening to his FCIC interview right now and will transcribe the key points. It is hilarious. The mortgage-securitization-CDS engine remains, to this day, the biggest financial joke I have ever seen.