Iowa Public Television   House Committee Moves to Ban Naked
Credit Default Swaps  posted on February 6, 2009  In his 2002
annual report on Berkshire Hathaway, Warren Buffet characterized
derivatives as "financial weapons of mass destruction" which
carry "dangers that, while now latent, are potentially lethal."
Much has changed since the "Oracle of Omaha" issued his
indictment, and some complex derivatives -- like credit default
swaps – are under fire for their contribution to the collapse of
financial and credit markets.  Now, Congressional leaders are
considering a series of reforms that could represent the most
sweeping changes to the financial regulation system since the
1930s. In an attempt to ensure greater transparency in futures
markets, House Agriculture Committee Chairman Collin Peterson is
floating a bill which would tighten restrictions on derivatives
trading.  House Committee Moves to Ban Naked Credit Default
Swaps Known as the "Derivatives Markets Transparency and
Accountability Act of 2009", th