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Standard And Poor's

Prince

Financial Markets

AAA Ratings Lulled Citi CEO and Others Into False Sense of Security

When Chuck Prince was CEO of Citigroup from 2003 to 2007, he didn’t know about a surge in mortgage risk that his own investment bankers loaded on to its bank’s books.

Sunny Beach

Financial Markets

CDO With Name of St. Tropez Beach Melted In 228 Days With S&P’s Top Mark

A $1.6bn collateralized debt obligation issued by Vertical Capital LLC in March 2007 with the same name as a portion of the beach at St. Tropez, France, burned out just 228 days after it was issued.

Holding Nose

Financial Markets

Citi and BofA Suckers 'Fooled About The Stench Of Their Own Garbage' ?

Oh, the poor suckers at Citigroup and Bank of America, fooled about the stench of their own garbage by those sneaky credit raters at Standard & Poor’s.

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The Titanic

Financial Markets

S&P Granted Top Grades to Doomed Lehman CDO as Downgrades Rose

A unit of New York Life Insurance Co. issued a $1.5bn collateralized debt obligation named after a Northern sky constellation in April 2007. The deal burst when it defaulted less than a year later.

Gavel

Financial Markets

S&P Data-Fudging Began in 2004, U.S. Suit Says: Timeline

A Standard & Poor’s analyst in 2004 sent an e-mail to executives at the rating company’s structured- finance group. It had lost a job to Moody’s rating a mortgage- backed security because S&P criteria were more demanding, and something had to be done, the analyst allegedly wrote.

Gavel

Financial Markets

S&P Is Accused Of Believing Its Customers Were Crooks

In the government's eye, changing debt rating criteria to meet market demand is fraudulent. But that's only true if you have contempt for your customers.

Department Of Justice Logo

Financial Markets

Citigroup Deal Said To Have Spurred U.S. Government Lawsuit

In May 2007, Standard & Poor’s confirmed its initial AAA ratings on $772m of a collateralized debt obligation known as Octonion I. Within 10 months, the Citigroup deal defaulted, costing investors and the bank almost all their money.

Sad Clown

Financial Markets

Analyst Said To Have Sent Inadvisable Video Of Himself To Co-Workers (SFW)

Oh dear - what seemed so funny at the time.........

Euro Toliet Roll

Financial Markets

Standard & Poor's Eurozone Sovereign CreditWatch Statement

Here it is:

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