CHICAGO - The links between the financial derivatives markets and the University of Chicago were forged some 25 years ago when the school's Nobel Prize-winning economist, Milton Friedman, wanted to take a chance on his negative view of the British welfare system.

Prof. Friedman wanted to short-sell the pound, but his banker laughed at the request to broker a transaction, according to Merton Miller, the well- known finance professor at the school.

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