Friday, Jul 13, 2007
S&P admits understating the problem
Reuters: S&P admits $5 bln blunder in subprime review
"Standard & Poor's admitted to making a nearly $5 billion blunder in correcting its own estimate for subprime securities it is reviewing for ratings cuts. S&P corrected the volume of residential mortgage-backed securities it placed under review for downgrade on Tuesday to $7.35 billion from $12.1 billion. "
Posted by jeremiah @ 10:17 AM (162 views) Add Comment
3 Comments
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1. japanese uncle said...
Incompetence defence, ladies and gentleman. We will be hearing much of this for the time being.
2. lvmreader said...
Both Moody's and S&P need to be investigated. If nothing else they need to be fined for incompetence.
3. dobber said...
The high flying legal eagles must be licking their lips at the thought of the fight to come.