Posts Tagged ‘securitization’

Stat of the day: AAA ratings

10 February 2009

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.