"Structured By Cows" IM Revealed
The House Oversight Committee today grilled the credit agencies for their role in the subprime crisis, revealing the official instant message between Standard & Poors employees, and it doesn't help the ratings agency in the credit crisis blame game. I'm sure Rahul Dilip Shah and Shannon Mooney didn't think their casual conversation that includes the topics of naps and trash talking on colleagues would ever be at the center of an economic crisis. Here's the link, and here's the conversation: Shah: btw-that deal is ridiculous Mooney: I know right... model def does not capture half of the risk Shah: we should not be rating it Mooney: we rate every deal. It could be structured by cows and we would rate it Shah: but there's a lot of risk associated with it - I personally don't feel comfy signing off as a committee member
