On Mar 23, 9:57*pm, F. George McDuffee gmcduf...@mcduffee-
associates.us wrote:
On Sun, 23 Mar 2008 13:03:41 -0500, Ignoramus14119

wrote:

snipLooks like there was plenty of investors who bought mortgage loans
containing those crap loans, who did not even bother to think about
their quality.

snip
============
That was what the rating companies got the big bucks for. *

AAA was susposed to indicate minimal risk investment grade
securities. *The CDS was susposed to insure the [re]payment of
interest and principal. *

It's like grade eight bolts. *You buy based on the
certification/specifications. *You expect counterfit grade 2
marked as grade 8 to come from a no-name Asian supplier, not
Unbrako.

Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

And that is why the management at the rating companies are not
sleeping at night.

There has been fraud committed.

Time to build more jails for bankers and their friends.

TMT