They didn't melt down the financial system. But these red-hot instruments proved too tempting for both buyers and sellers. This is the story of how lies, leverage, ignorance - and lots of arrogance - burned some big players.
By Carol Loomis
This story is from the March 20, 1995 issue of Fortune. It is the full text of an article excerpted in Tap Dancing to Work: Warren Buffett on Practically Everything, MORENov 21, 2012 11:32 AM ET
By Carol Loomis
This is a sidebar that ran with Untangling the Derivatives Mess in the March 20, 1995 issue of Fortune.
FORTUNE -- As was inevitable given the temper of the times, the December revelations about investment disasters in Orange County, California, were immediately converted into headlines with "derivatives" writ large. But in actuality, these newfangled concoctions were only a part of the problem that did the county in. The true roots MORENov 21, 2012 11:31 AM ET
By Linda Grant
This is a sidebar that ran with Why Warren Buffett's Betting Big on American Express in the October 30, 1995 issue of Fortune.
FORTUNE -- As the credit card wars heat up, four little-known upstarts -- Advanta, Capital One, First USA, and MBNA -- are using information technology to charge ahead of the competition. The quartet, which issue Mastercards (MA) and Visa (V) cards, have been poaching the most profitable customers from MORENov 21, 2012 11:29 AM ET
This story is from the August 11, 2003 issue of Fortune. It is the full text of an article excerpted in Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012, a Fortune Magazine book, collected and expanded by Carol Loomis.
FORTUNE -- The golf course has been the stage for some truly high-powered moments in business. Andrew Carnegie was on the links in 1901 when he was persuaded to sell his MORENov 21, 2012 11:28 AM ET
He slammed big companies and free trade in the primaries, but Barack Obama insists he just wants to show corporate America some tough love. We go behind the scenes to see how he plans to make the U.S. a land of opportunity once again.
By Nina Easton
This story is from the July 2, 2008 issue of Fortune. It is the full text of an article excerpted in Tap Dancing to Work: MORENov 21, 2012 11:27 AM ET
He runs a tight ship, based on a few simple rules.
By Jia Lynn Yang
This is a sidebar that ran with What Obama Means for Business in the July 2, 2008 issue of Fortune.
FORTUNE -- No drama. When Barack Obama was selecting his closest advisors, he told each person he wanted zero drama -- meaning no backstabbing, damaging media leaks, or anything that would detract from the campaign. To do that, he picked a MORENov 21, 2012 11:26 AM ET
Wells Fargo avoided the reckless tactics of other banks and quietly built a powerhouse in the West. Now its takeover of Wachovia makes it a national force, but how much toxic waste is aboard the stagecoach?
By Adam Lashinsky
This story is from the May 4, 2009 issue of Fortune. It is the full text of an article excerpted in Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012, a Fortune MORENov 21, 2012 11:25 AM ET
While Warren Buffett was growing larger than life, Fortune had a front-row seat.
By Carol J. Loomis
FORTUNE -- Fortune met Warren Buffett by accident in 1966. I was writing an investing article about another man, Alfred Winslow Jones, who wasn't famous at that moment, but was about to be because of the article. Jones was running something called a hedge fund, and Fortune's description of what that was and how MORENov 19, 2012 5:00 AM ET
For the second year in a row, Fortune readers have chosen Buffett as their Businessperson of the Year.
FORTUNE -- After five rounds of voting, with 32 contenders over the course of one week, the people have spoken, and they have called for the Oracle. The winner of Fortune's Businessperson of the Year, reader's choice edition, is Warren Buffett, for the second year in a row.
Last year, the Berkshire Hathaway (BRKA) MOREShelley DuBois, writer-reporter - Nov 16, 2012 7:54 AM ET
Warren Buffett calls it a "dream business." Cher, Bill Gates, and millions of Californians love it. Now CEO Brad Kinstler is ready to take the quaint candy maker east. Will it work?
By Daniel Roberts, reporter
FORTUNE -- The plant workers of See's Candies start arriving each day at 4 a.m. In Los Angeles and San Francisco they stand at their stations and drizzle fondant onto maple pecan bonbons or count MOREAug 22, 2012 5:00 AM ET
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