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Business Insider

Lindley Estes is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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What’s causing this financial mess?

Raise your hand if you understand what’s causing the current financial meltdown on Wall Street. Nobody? Didn’t think so. Though it’s possible to understand in general what’s going on at AIG, Lehman Brothers, Bear Stearns and others recently felled, the matter is so complex that it’s beyond the minds of most people not directly involved. The "Derivatives" section of Warren Buffett’s 2002 letter to the shareholders of Berkshire Hathaway goes far in explaining in general terms what has happened to the various Wall Street investment banks. Here is the letter.

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