“Let’s hope we are all wealthy and retired by the time this house of cards falters”
Sunday, August 3rd, 2008 @ 1:55 pm
| Credit Derivatives
More details are revealed on S&P’s ratings of structured deals, particularly CDOs in a story posted today in the online edition of the Wall Street Journal. Quote: In one email, an S&P analytical staffer emailed another that a mortgage or structured-finance deal was “ridiculous” and that “we should not be rating it.” The other S&P staffer replied that “we rate every deal,” adding that “it could be structured by cows and we would rate it.”
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