Buffett's `Time Bomb,' Puerto Rico Nears Edge: Saturday Wrap

  • Protesters overrun Green Zone, storm Iraq parliament building
  • Trump, rivals claim unity role chasing California delegates

Here are highlights of Saturday’s top news stories from around the world:

Derivatives are a “time bomb” on most banks’ balance sheets. Valeant Pharmaceuticals is a “sewer.” Bonds are “at least unattractive, if not terrible” for reinsurers. The musings and insights of billionaire Warren Buffett and sidekick Charlie Munger, as usual, didn’t disappoint at the Woodstock-esque annual meeting of Berkshire Hathaway Inc.

U.S. regulators vacated a previous order allowing Steven Rattner, who once oversaw the U.S. government’s auto-industry bailout, to go back into deal-making at investment bank Guggenheim, six years after he was sanctioned over a kickback scheme involving a New York state pension fund. Rattner’s spokesman said he withdrew the application to stay put managing money at Willett Advisors.

Puerto Rico’s governor announced he will address the commonwealth at 5 p.m. Sunday as the U.S. territory faces an imminent default on most of $422 million of debt obligations of its Government Development Bank.

Donald Trump, Ted Cruz and John Kasich tried to convince delegates at California’s state convention that they’re the one to unite Republicans for November’s U.S. presidential election -- even as Trump had to wriggle through a freeway wall to evade protesters and Kasich said the GOP will get killed if it gets behind Trump.

AIG is seeking to raise as much as $1.27 billion by selling most of its stake in China’s PICC Property & Casualty Co. 

Protesters supporting Iraq’s radical cleric (and old U.S. thorn in side) Moqtada al-Sadr stormed the parliament building after crashing through Baghdad’s Green Zone -- a first -- in the most brazen challenge yet to the country’s ability to carry out everyday governing. The U.S. Embassy denied reports in local media that it was evacuating personnel.

A clear favorite has emerged to be named CEO of Telecom Italia’s publicly traded Tim Brasil unit.

Vodafone chose bankers to arrange a spinoff of its India unit, possibly worth $3 billion.