How wrong can you be?
July 6th, 2009
I was sent the following from Standard & Poors, the rating agency, published March 2007:
Exposure to the subprime mortgage sector does not threaten the rating stability of the bond insurers.
Above and beyond their benchmark of underwriting transactions to an investment-grade standard, the industry has exceeded this minimum measure in such a way that macro subprime problems have been limited.
How wrong can you be?
