For some Chinese enterprises, the most direct impact of the international financial crisis was not the shrinking demand, but the huge losses caused by investment in the American derivatives market. Huang Ming, a tenured professor of finance at Cornell University, said that these complex financial derivatives, known as "financial opium", were designed by Wall Street's international investment banks. However, these financial derivatives ultimately sold to Chinese enterprises have now become rare in the US domestic market (CCTV's Economic Half Hour on May 24).