Wednesday, May 21, 2008

photo by PhotoFusion


Quote for the day:

"Up until now I thought the rating agencies were incompetent rookies in structured products. Now I'm suspicious that they may be crooked."

Janet Tavakoli, President of Tavakoli Structured Finance

---

In the news:

Shares of Moody's fell more than 13% after the rating agency said a computer glitch resulted in Aaa ratings for Constant Proportion Debt Obligations (CPDOs). Moody's says the errors does not extend to subprime mortgage debt, collateralized debt obligations or corporate bonds.

Oil prices surged over $130 a barrel for the first time reaching a record intraday high above $132 a barrel after the government said stockpiles of oil and gas decreased last week.

Sphere: Related Content