Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	4/23/2010 3:40:51 PM
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Nice game - they all got our taxes for fraud An employee at hedge-fund firm Paulson & Co. said it had a chance to keep betting against subprime mortgages in January 2007 in part because companies including ratings firms had “incentives to keep the game going,” the Securities and Exchange Commission said April 16 in suing Goldman Sachs Group Inc. over a CDO that the agency alleged Paulson helped create. An 18-month inquiry by the congressional panel, led by Senator Carl Levin, found that ratings companies “used outdated models and inadequate data, were too influenced by investment bankers, allowed chronic resource shortages to undermine ratings, and delayed downgrading investments,” according to a statement yesterday from the Michigan Democrat. Earlier this month, former Washington Mutual Inc. risk managers told the committee that their company ignored warnings that its mortgage underwriting was shoddy, and a former Citigroup Inc. official made similar comments about his bank at a hearing by a panel appointed by Congress to investigate the financial crisis bloomberg.com

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