Controversial New Theory: S&P Got A Few Ratings Wrong

    One day – one day soon – the Justice Department will sue S&P for mis-rating a bunch of CDOs, and when that happens let’s all read the complaint and then meet back here to discuss it, okay? [update!] In the meantime we have S&P’s preemptive denial: A DOJ lawsuit would be entirely without factual or […]

    / Feb 4, 2013 at 5:10 PM
  • cut yer hair ya hippie


    At Long Last Egan-Jones Has Been Brought To Justice

    The SEC’s press release touting its triumph over rebel-without-a-cause rating agency Egan-Jones gives just the slightest impression that it was written in embarrassment. A trope of SEC press releases is “[thing we are enforcing] is among the most important things in the whole wide universe”; this is hard to say with a straight face when […]

    / Jan 22, 2013 at 4:07 PM
  • more cow


    This Election Day, Remember Your Constitutional Right To Carelessly Misrate Structured Credit Products

    Have you finished reading Judge Jayne Jagot’s 43,000-page opinion in the Australian CPDO case yet? Good, because we’ve got to move on to other things.1 Like: what does it all mean? One obvious thing that it could mean is “nothing,” or at least not very much. The case involved $30 million of damages, and there […]

    / Nov 6, 2012 at 3:36 PM
  • The internet tells me this is some sort of Australian cow. Err, bull.

    News, Rating Agencies

    S&P Gets In Trouble For Giving AAA Rating To Obviously Terrible Thing

    Oh man, CPDOs. CPDOs! Why was I not aware? This Australian court decision is like 3,000 pages long but it is riveting; if you built a CPDO, email me, I will buy you a drink and you can tell me all about it. My God it’s so beautiful. The story is that ABN Amro invented […]

    / Nov 5, 2012 at 6:11 PM

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista