Mega-investor Warren Buffett five years ago warned that financial derivatives were a “time bomb” waiting to go off and he ordered the insurance branch of his company, Berkshire Hathaway, to get out of the business, reports Reuters. The original story: BBC, March 2003, Buffett told Fortune magazine that such contracts were devised by “madmen.” Commentary, 16 September, Bloomberg
Posted by Ellen Wallace on 19 September 2008 at 7:43 |
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News story, GenevaLunch, 19 September 2008.
Filed under: World news
Tags: derivatives, investment, investment banks, Warren Buffett
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