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S&P Analyst: CDOs Are ‘Burning Down the House’
Posted By Barry Ritholtz On February 5, 2013 @ 7:21 pm In Derivatives,Legal,Real Estate | Comments Disabled
Is it possible that the Credit analysts who rated subprime junk as AAA at S&P are even more odious, more corrupt, more execrable than I previously imagined?
As this email from the government’s complaint (via Dealbook ) shows us, yes!
[S&P analyst]: With apologies to David Byrne…here’s my version of “Burning Down the House“.
Housing market went softer
Strong market is now much weaker
Subprime is boi-ling o-ver
Bringing down the house
CDO biz — has a bother
Leveraged CDOs they were after
Going — all the way down, with
Hey you need a downgrade now
Huge delinquencies hit it now
Bringing down the house.
video after the jump
Hat tip Jonathan Miller 
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2013/02/sp-analyst-cdos-are-burning-down-the-house/
URLs in this post:
 Dealbook: http://dealbook.nytimes.com/2013/02/05/the-things-credit-rating-analysts-say/
 Jonathan Miller: http://www.millersamuel.com/blog/talking-heads-burning-down-the-house-sp-style/28263
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