Developing Affordable Housing Ecosystems World Wide
By:David A. Smith Hangman: Have you any last wish? W. C. Fields: Yes, I’d like to see Paris before I die. (Pause) Philadelphia will do. Philadelphia lawyer David Unkovic, a public-finance bond counsel for thirty years, is an unlikely urban theorist – but then, he recently had an unlikely experience. As I [...]
By:David A. Smith [Continued from yesterday's Part 1.] They’ll take suggestion as a cat laps milk. – William Shakespeare, The Tempest Yesterday’s post delved into the juicy details deliberately provided by the Department of Justice in its $5 billion lawsuit against Standard & Poor’s, as reported in the Wall Street Journal (February [...]
By:David A. Smith A CDO could be structured by cows and we would rate it. – Unnamed S&P employee cited in Department of Justice Lawsuit Too chicken to rate my securities? People like stories, especially parables, especially parables that reinforce our moral views of the world. Because of this, we should be [...]
By:David A. Smith [Continued from yesterday's Part 1.] Yesterday’s post on the spectacle of the Department of Justice suing Standard & Poor’s, reported in the Wall Street Journal (February 5, 2013), led us to the point of examining the Justice Department’s initial brief, helpfully reported in the Wall Street Journal (February 6, 2013) [...]
By: David A. Smith Once upon a time, rating agencies had a comfy cozy relationship with issuers, handing out triple AAA’s as if all securities, sufficiently pureed, would be refined into purest essence of credit. Everything looks triple-A! Then day things happened, and the rating agencies suddenly got religion. We’re really [...]
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