PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	3/21/2003 4:52:25 PM
From: Baldur Fjvlnisson	Read Replies (1) of 769670

US Banks, Derivatives Outstanding Notional Amount = $53 Trillion ($53,000 Billion). Read the Warren Buffett piece on derivatives in this month's Fortune. Mr. Buffett claims that derivatives are weapons of mass destruction. "The derivatives genie is now well out of the bottle, and these instruments will almost certainly multiply in variety and number until some event makes their toxicity clear..... Central banks and governments have so far found no effective way to control, or even monitor, the risks posed by these contracts.... "[they] are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal." - Warren Buffett, Berkshire Hathaway Annual Report

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