
BarCap chief hits back at Buffett’s derivatives 'time bomb' comments
Diamond added that derivatives were very valuable risk management tools and entirely manageable within the correct risk framework. Del Missier, who was among a number of senior Barclays Capital executives at the dinner, added: “The [derivatives] market has grown every year. Risk management and derivatives as risk transfer tools have grown from strength to strength.”
Del Missier referred to the spate of comments made by Federal Reserve chairman Alan Greenspan in the past year that have defended the role of unregulated derivatives as a risk transfer mechanism. Greenspan believes the innovation of financial products has made world financial markets safer.
“There are not large pools of risk concentrations,” del Missier contended.
Buffett - whose personal fortune is estimated at more than $30 billion - is the world’s second wealthiest man and second most powerful billionaire, according to a recent study by Forbes.
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