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note: the initial quotes are from the New York Times print edition. The online copy- same headline and writer- has significantly shorter and altered text.
Documents Show Internal Qualms at Rating Agencies
By SEWELL CHAN
As the housing market began to falter in 2006 and the risks embedded in Wall Street's giant collective bet on subprime mortgages became apparent, a sense of omen filled the corridors of Standard & Poor's and Moody's Investors Service, the two biggest credit agencies.
"Rating agencies continue to create an even bigger monster- the CDO market," one S&P employee wrote in an internal email.
"Let's hope we are all wealthy and retired by the time this house of cards falters."
Another S&P employee wrote in an instant message..."We rate every deal. It could be structured by cows and we would rate it."
Here is the online link to the 'same' article. The above opening has been excised.
http://www.nytimes.com/2010/04/23/bu...gencies&st=cse
As the housing market began to falter in 2006 and the risks embedded in Wall Street's giant collective bet on subprime mortgages became apparent, a sense of omen filled the corridors of Standard & Poor's and Moody's Investors Service, the two biggest credit agencies.
"Rating agencies continue to create an even bigger monster- the CDO market," one S&P employee wrote in an internal email.
"Let's hope we are all wealthy and retired by the time this house of cards falters."
Another S&P employee wrote in an instant message..."We rate every deal. It could be structured by cows and we would rate it."
Here is the online link to the 'same' article. The above opening has been excised.
http://www.nytimes.com/2010/04/23/bu...gencies&st=cse
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