Warren Buffett Calls Asbestos Litigation
the 'Cancer of Corporate America'

More than 10,000 people packed an auditorium in Omaha, Neb., recently to hear Berkshire Hathaway CEO Warren Buffett prognosticate on the future of Wall Street securities, a presentation that included the comment that asbestos has become "the Cancer of the American Corporate World."

The 71-year-old investment guru, who has been nicknamed the "Oracle of Omaha" and is believed to be the second-wealthiest person in the world, made the comment during his company's annual shareholder meeting held May 5.

Buffett told investors that big payouts to asbestos claimants should force more companies into bankruptcy protection and could present buying opportunities …