Many companies in emerging and developed markets lost billions of dollars in derivatives in the wake of the financial crisis. Although precise numbers are difficult to come by due to disclosure issues, Dodd (2009) estimates that for 12 countries that include Poland and economies of Asia and Latin America the financial crisis affected possibly 50,000 firms, with derivatives losses totaling roughly $530 billion. Kamil, Sutton and Walker (2009) present a small subsample of companies in Mexico (6 companies) with total losses of U$4.7 billion (with an average loss of 23% of total assets) and 3 companies in Brazil with total losses of U$5.5 billion - and an average loss of 46% of total assets. Table 2 below shows some examples from losses in developed and developing countries. It is important to notice that these examples are far from exhaustive, because most non-listed companies did not disclose their losses and, in some cases, as in India, the government is still trying to make listed companies disclose their losses.