Karl Denninger is an avid paper bug and hates physical gold and silver. But he still had a comment that applies to the CRIMEX activities. Snipped from:

http://market-ticker.denninger.net/archives/2315-How-Wall-Street-Can-Win-Back-Confidence.html

All instruments that are underwater must be backed with cash collateral at the end of every day, no exceptions, marked to market nightly. I don't care if you want to claim it's a "custom agreement" or whatever - I have to post margin every night against underwater positions and so does every other individual and small investor. To let Berkshire, Goldman, Bank of America or others "off the hook" because of "perceived" balance sheet strength is hogwash. I've had $100k of underwater positions but have many multiples of that in liquid net worth, yet I still have to post cash. Everyone should be equal in the market in regard to backing their bets. A big part of the "advantage" these big boys have is the ability to write essentially unlimited-size bets without recognizing the impairment in cash during any time they go underwater. That's the check and balance on excessive position size that every individual is required to observe, and it must be so for the large corporation as well.

He has other comments at the link on his proposed changes in Wall Street.