In the Stock Market, Nobody Knows You're a Cow

Which might explain some of the B.S. that's been going on lately! — Which might explain some of the B.S. that's been going on in the markets lately!

?Actual transcript of an instant message exchange between two Standard & Poor’s officials from April of 2007:

Official #1: Btw that deal is ridiculous.

Official #2: I know right…model def 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.

At least now we know where the opening and closing bells come from.

With a tip of the TOONrefugee cap to?Peter Steiner.