Christopher Whalen is co-founder of Institutional Risk Analytics, provider of risk management tools and consulting services for auditors, regulators and financial professionals. Christopher leads IRA’s risk advisory practice and consults for global companies on a variety of financial and regulatory issues.  He is global risk editor of The International Economy magazine, has contributed to Insight on the News and Barron's. Christopher helped found The Herbert Gold Society, an informal group of current and former employees of the U.S. Treasury and the Federal Reserve System. In this interview Chris discusses the insolvent banking system,  the derivatives market, CDO’s, horrific recovery rates on certain bank assets, the possibility that the German government may overturn the bailout in Europe, Goldman’s troubles and the fact that they are mishandling the current trouble they are encountering and much more.