Tick, tick...BOOM: Buffett warns of derivatives time bomb

Star investor appears before crisis commission to discuss the 'greatest bubble' of his lifetime, the role of ratings agencies and the lingering threat in the derivatives markets

Warren Buffett, chairman and chief of Berkshire Hathaway, was able to joke about his subpoena to appear before the Financial Crisis Inquiry Commission but was more serious when he warned that derivatives are still a ticking time bomb in the economic system.

Bill Thomas, vice-chairman of the commission thanked Buffett for his appearance, to which Buffett replied: "Thank you for the subpoena."

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