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

  1. LOTS OF TOXIC ASSETS. | Pater Familias Says:

    […] 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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