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.