quarta-feira, outubro 29, 2008

Those dacing days - parte III

“«Let's hope we are all wealthy and retired by the time this house of cards falters», one e-mail from an S&P employee said. (…)
In the September 2007 e-mail made public today, the Moody's employee said that it «seems to me that we had blinders on and never questioned the information we were given». (…)
The e-mail continued: «Combined, these errors make us look either incompetent at credit analysis, or like we sold our soul to the devil for revenue.» (…)
«What happened in '04 and '05 with respect to subordinated tranches is that our competition, Fitch and S&P, went nuts. Everything was investment grade,'' McDaniel (CEO Moody’s) said in the meeting. «We tried to alert the market. We said we're not rating it. This stuff isn't investment grade. No one cared because the machine just kept going».(…)
In one document, an S&P employee in the structured finance division wrote: «It could be structured by cows and we would rate it».”


Emails e documentos trocados por altos funcionários da S&P, Moodys e Fintch antes do rebentar da bolha do mercado de crédito subprime. Recordo que foram estas firmas que avalizaram a "boa" qualidade destes créditos e a sua segurança com notações triplo A.
1.0 (31) 2.0 (56) 3.0 (117) Alfa (9) Árvore (9) Beta (15) Cibéria FM (12) Cinzas (23) Coisas (17) Consola (7) dna (12) Eco (22) Entropia (20) Ferrugem (14) Kubrick (6) Magnum Park (19) Memória (14) Metropolis (22) Notas (1) Planificação (212) promo (1) Rothko (2) Tabaco (20) Vertigem (22)