The subprime bag

[raulgmanzo]

If I was high-class I might be offended!

 

From 'Goldman left foreign investors holding the subprime bag':

Sylvain Raynes, a former analyst for Moody's Investors Service, the largest U.S. rating firm, likened the Wall Street firms' relationships with the rating agencies to hiring "a high-class escort service."

 

Typically, he said, an investment banker would meet with analysts for a ratings agency, describe a mortgage pool "and propose his dream result."

 

"The agency would call back after the meeting and intimate that they 'could get there' sight unseen," Raynes said. "Both parties understood what that meant, and the agency would be hired to rate the deal."

http://www.mcclatchydc.com/politics/story/77844.html

[BaronArtz]

Good point. I work on Wall Street myself. I always say, in NYC, there is no difference between Wall Street and 8th Avenue. It's all about being a hustler.

[Guest DuchessIvanaKizznhugg]

Just sayin'....

 

If I was high-class I might be offended!

 

 

You ARE high-class in my opinion