"Large amounts of risk, particularly credit risk, have become concentrated in the hands of relatively few derivatives dealers ... The troubles of one could quickly infect the others ... In our view, however, derivatives are financial weapons of mass destruction ..."
-- Warren Buffett, 2002 Berkshire Hathaway shareholder letter
US warns of further bank failures
Mr Paulson warned the ongoing financial crisis had some way to run
The US treasury secretary has warned some banks will still fail despite the $700bn government rescue package to shore up the financial system.
Henry Paulson called for the plan's swift implementation, but said the financial crisis would not end soon.
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
But the moves failed to cheer world stock markets, and Thursday saw sluggish sales on Asia's main indexes.
Japan's benchmark Nikkei index was volatile on Thursday, having suffered its biggest one-day drop in 21 years the previous day shedding nearly 10% of its value.
By lunchtime, it had regained early losses, 1.25% up. The Bank of Japan announced it had injected two trillion yen ($20.1bn) into the money markets in an effort to calm fears.
In Sydney, Australia's financial market lost ground in early trading.
South Korea's stock market also eased slightly after posting an initial gain, and the central bank announced a cut of 0.25% in its key interest rate, taking it to 5%.
In his bleak assessment, Mr Paulson warned the ongoing financial chaos had "seriously impacted" the economy.
"Even with the new treasury authorities, some financial institutions will fail," he added.
There was an equally stark warning from the International Monetary fund, which said global financial markets were facing their most dangerous shock since the 1930s. (cont...)
Illinois sheriff: No foreclosure evictions on my watch
CHICAGO, Illinois (CNN) -- Sheriff Thomas J. Dart said Wednesday he is suspending foreclosure evictions in Cook County, which had been on track to reach a record number of evictions, many because of mortgage foreclosures.
He said many of the evictions involve renters who are paying their rent on time but are being thrown out because the landlord has fallen behind on mortgage payments.
Mortgage companies are supposed to identify a building's occupants before asking for an eviction, but sheriff's deputies routinely find that the mortgage companies have not done so, he said.
"These mortgage companies only see pieces of paper, not people, and don't care who's in the building," Dart said. "They simply want their money and don't care who gets hurt along the way."On top of it all, they want taxpayers to fund their investigative work for them. We're not going to do their jobs for them anymore. We're just not going to evict innocent tenants. It stops today."...
California's new budget already $1 billion in the red
FACTBOX-Lehman CDS settlement auction timeline
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