'Fast Money' Recap: Jobless Angst

Ratigan asked Jon Najarian to comment on Rubin becoming a poster child for the clawback issue. Rubin racked up in $115 million in pay since 1999, excluding stock options.

Najarian said he could sense a "thirst for revenge" among some senators like Rep. Barney Frank (D, Mass.), who want those "guys who took TARP money to give up their corporate jets."

Ratigan, though, said it's not so much revenge as it is fairness.

Finerman said she could see how clawbacks could work as a model going forward. However, she said getting a handle on with clawbacks going back six to seven years would be like trying to "unscramble" an egg.

Najarian said what might happen in the end is that the executives might come forward and offer back the money.

Ratigan brought on Robert Shiller, a professor of economics at Yale University, to talk about derivatives as a positive in housing financing.

Shiller said that is already happening. He said he worked with the Chicago Mercantile Exchange three years ago on a futures market for single family homes. Currently, he said his company, MacroMarkets, is developing securities markets for individual homes. That would allow people to trade on the New York Stock Exchange and buy and sell exposure to the real estate market, he said.

Shiller said the problem with the descredited credit swap derivatives was that they didn't deal with counter-party risks. He said that glitch is being worked out with the establishment of a clearinghouse for these derivatives.