Warren Buffett warned 18 years ago about the financial instruments that triggered the Archegos implosion

Warren Buffett.
REUTERS/Rick Wilking/File PhotoArchegos' use of financial derivatives helped it increase its leverage that triggered a $20 billion liquidation and rattled financial markets last week.In 2002, Warren Buffett described derivatives as "financial weapons of mass destruction."Buffett said that derivatives were expanding "unchecked" and that governments had no way to control or monitor the extreme risks posed by them.Sign up here for our daily newsletter, 10 Things Before the Opening