UNBELIEVABLE : http://www.cnbc.com/id/27321998
* Instant Messages exchanged between two Standard & Poors executives discussing a mortgage-backed security deal on April 4th, 2007 :
Executive #1: Btw (by the way) that deal is ridiculous.
Executive #2: I know right...model def (definitely) does not capture half the risk.
Executive #1: We should not be rating it.
Executive #2: We rate every deal. It could be structured by cows and we would rate it.
Data Courtesy: CNBC
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