Wednesday, October 22, 2008

But Why Cows?

Choice quote from an internal email that came out of today's ratings agency testimony: “It could be structured by cows and we would rate it.” In another, an employee asserts: “Rating agencies continue to create [an] even bigger monster — the CDO market. Let’s hope we are all wealthy and retired by the time this house of cards falters.”

More here. Background and general info here.