Stat of the day: AAA ratings

This one floored me:

“In January 2008, there were 12 triple A-rated companies in the world. At the same time, there were 64,000 structured finance instruments, such as collateralised debt obligations, rated triple A.”

– Goldman Sachs Chief Executive Lloyd Blankfein in The Financial Times, 9 Feb. 2009

Finance imitates baseball: AAA is now bush league.

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Tags: AAA rating, credit ratings, lloyd blankfein, securitization

This entry was posted on 10 February 2009 at 2:13 pm and is filed under credit, financial crisis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Stat of the day: AAA ratings”

LOTS OF TOXIC ASSETS. | Pater Familias Says:
25 February 2009 at 9:06 pm | Reply
[...] obligations, rated triple A.” I had been looking for the quote and found it via WordPress. This link also connects to an interesting economics [...]

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