Is it possible that the Credit analysts who rated subprime junk as AAA at S&P are even more odious, more corrupt, more execrable than I previously imagined?
As this email from the government’s complaint (via Dealbook) shows us, yes!
[S&P analyst]: With apologies to David Byrne…here’s my version of “Burning Down the House“.
Watch out
Housing market went softer
Cooling down
Strong market is now much weaker
Subprime is boi-ling o-ver
Bringing down the houseHold tight
CDO biz — has a bother
Hold tight
Leveraged CDOs they were after
Going — all the way down, with
Subprime mortgagesOwn it
Hey you need a downgrade now
Free-mont
Huge delinquencies hit it now
Two-thousand-and-six-vintage
Bringing down the house.
video after the jump
Hat tip Jonathan Miller
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