http://online.wsj.com/article/SB10001424052748703441404575206252252365076.html?mod=WSJ_hpp_LEFTTopStories
Oh check it out, Warren knew that Derivatives were weapons of financial mass destruction, and he chose to invest in them anyway and now he wants a break cut for his own past stupidity and greed.
If he does get this break, then the American taxpayer is still on the hook for every derivative transaction made in the past that still has yet to implode, no matter who it was dealt by.
So how is there any change to be seen in that? The loaded gun still seems to be pointed right at the taxpayers head.
What it all boils down to is that "big boys" shouldn't play games they can't afford to pay for, and should be held responsible for the consequences when they do.
Berkshire Presses Lawmakers to Roll Back Proposed Curbs, Avoiding Potential Hit
The provision, sought by Berkshire and pushed by Nebraska Sen. Ben Nelson in the Senate Agriculture Committee, would largely exempt existing derivatives contracts from the proposed rules. Previously, the legislation could have allowed regulators to require that companies such as Nebraska-based Berkshire put aside large sums to cover potential losses. The change thus would aid Berkshire, which has a $63 billion derivatives portfolio, according to Barclays Capital.
Mr. Buffett's push is especially notable because he has warned of the potential dangers of derivatives, famously branding them "financial weapons of mass destruction."
