Quote of the Day: Rating S&P's Smarts

| Sun Aug. 7, 2011 11:06 PM PDT

From Economics of Contempt, formerly an in-house lawyer for an investment bank, explaining the difference between S&P and the other rating agencies when it came to making their case for getting a deal rated:

With S&P, it got to the point where we were constantly saying, “that’s a good point, but is S&P smart enough to understand that argument?” I kid you not, that was a hard-constraint in our game-plan.

That's actually one of the kinder things he has to say. The rest of the post is worth reading for the entertainment value alone.

Get Mother Jones by Email - Free. Like what you're reading? Get the best of MoJo three times a week.