Not to mention the quote of the day:

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.”

And this strikes me as just flatly important:

McClatchy also learned of a second private Goldman deal, in which it sought in May 2007 via another Cayman company to sell $44.6 million in bonds related to subprime loans written by New Century Financial, a mortgage lender that weeks earlier had careened into bankruptcy after California regulators closed it.

Selling New Century-backed mortgages that late in the game, as cognoscenti should well know, is a serious problem, and a good get from McClatchy.

Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014).

Follow Dean on Twitter: @deanstarkman.