As if investigations by congressional committees, banking regulators, and government agencies weren't enough, the derivatives market now has a new investigation to contend with: that of former New York City police detective turned consultant Richard Dietl.

Mr. Dietl, a principal of New York-based Beau Dietl & Ciravolo Associates, has turned his considerable investigative skills to the derivatives market. His goal is to alert the public to the perceived dangers of the financial instruments and to head off what he see as the possibility of another savings-and-loan-type debacle.

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