
Read this before you get all worked up about the S&P downgrade - chrismealy
http://www.cnbc.com/id/27321998/S_P_Officials_We_d_Do_a_Deal_Structured_by_Cows
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chrismealy
_S &P Officials: We'd Do a Deal 'Structured by Cows'

this instant message exchange between two unidentified Standard & Poor's
officials about a mortgage-backed security deal on 4/5/2007:

Official #1: Btw (by the way) that deal is ridiculous.

Official #2: I know right...model def (definitely) does not capture half the
risk.

Official #1: We should not be rating it.

Official #2: We rate every deal. It could be structured by cows and we would
rate it._

