Derivatives the new 'ticking bomb' - Buffett and Gross warn: $516 trillion bubble is a disaster waiting to happen

Derivatives the new 'ticking bomb' - Buffett and Gross warn: $516 trillion bubble is a disaster waiting to happen
Excerpt:
"Buffett tried to sell off Gen Re's derivatives group. No buyers. Unwinding it was costly, but led to his warning that derivatives are a "financial weapon of mass destruction." That was 2002.
Derivatives bubble explodes five times bigger in five years

Wall Street didn't listen to Buffett. Derivatives grew into a massive bubble, from about $100 trillion to $516 trillion by 2007. The new derivatives bubble was fueled by five key economic and political trends:"