Tuesday, July 08, 2008


Nobody could've predicted...yada yada...

The SEC report details an e-mail in which an analyst at an unidentified credit-rating company refers to the market for collateralized debt obligations as a ``monster.''

``Let's hope we are all wealthy and retired by the time this house of cards falters,'' said the e-mail, which was sent Dec. 15, 2006, to another analyst at the same firm.
The ratings firms' clients are the people who have an interest in getting a high rating. Obvious conflict.

(via CR)