?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.