S&P says subprime mess end in sight

sp_logo.gif S&P says writedowns from subprime-tied securities will probably rise to $285 billion, or $20 billion more than S&P forecast two months ago. And they mentioned that they feel the end is near for most of the writedowns. I find it funny that S&P seems to think the end is in sight when most banks have zero clue what is on their books. But then again maybe they do know something as these are the same jokers that rated most of the MBS (mortgage backed securities) paper as investment grade “AAA” rating. But S&P wasn’t the only one that rated anything as “AAA”, the other two were Fitch and Moody’s. Collectively, the 3 Stooges of ratings share part of the subprime blame.

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