http://www.designs.valueinvestorinsight.com/bonus/bonuscontent/docs/Einhorn_Columbia.pdf
There is much from this I wanted to cut out because I found it amazing but it is secured so I will only type the most amazing part in my mind.
"In early September, a senior Moody's executive confirmed this suspicion at a small private dinner sponsored by one of the brokerage firms. He said, 'Moody's would never lower the credit ratings of a financial guarantor, because that would put the guarantors out of business.'"
Wow.
The AAA portion of the ABX is plummeting. Enron magnitude blowups are very very possible in these insurance companies like Ambac and MBIA regardless of what rating agencies do. They may just be digging their own grave.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment