Warren Buffett once called speculation in Financial Derivatives “Financial Weapons of Mass Destruction” and presently the collapse of the markets for CDO (Collateralized Debt Obligations) is blamed for the present state of the World Financial Market and the main reason why you are dreading checking your 401K statement.

CBS’s 60 minutes has a very interesting segment on the issue, that might shed some light into the matter:

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Photo Credits: Ethan Bloch (cc)