And now, is it time for some “Razzle dazzle 'em”?
SEC’s action against Goldman Sachs in paragraph 53 states:
“IKB… late 2006, was no longer comfortable investing in the liabilities of CDOs that did not utilize a collateral manager, meaning an independent third-party with knowledge of the U.S. housing market and expertise in analyzing RMBS”.
The above sounds a lot like a type of b.s. excuse, construed by someone trying to hide their own responsibility in the affair… that of having invested solely based on the juicy interest rate offered when considering solely the credit ratings issued by the credit rating agencies.
Did for instance IKB really believe what is said on ABACUS 2007-AC1 flip book, on page 34, about ACA Capitals ABS Credit Selection including an “On-site Visit”? What a laugh! Checking up on the individual mortgages?
And so do not take your eyes of the IKB executives either, they most probably perpetrated real silly stuff against their own investors and so they might now be doing a “Razzle dazzle 'em” routine to cover their own fingerprints.
Are not victims inclined to perform as victims… especially when sophisticated? Are we seeing an Oscar class crocodile tears performance here? ... for which the SEC has also fallen?
Give 'em the old Razzle Dazzle, Razzle Dazzle 'em,
“IKB… late 2006, was no longer comfortable investing in the liabilities of CDOs that did not utilize a collateral manager, meaning an independent third-party with knowledge of the U.S. housing market and expertise in analyzing RMBS”.
The above sounds a lot like a type of b.s. excuse, construed by someone trying to hide their own responsibility in the affair… that of having invested solely based on the juicy interest rate offered when considering solely the credit ratings issued by the credit rating agencies.
Did for instance IKB really believe what is said on ABACUS 2007-AC1 flip book, on page 34, about ACA Capitals ABS Credit Selection including an “On-site Visit”? What a laugh! Checking up on the individual mortgages?
And so do not take your eyes of the IKB executives either, they most probably perpetrated real silly stuff against their own investors and so they might now be doing a “Razzle dazzle 'em” routine to cover their own fingerprints.
Are not victims inclined to perform as victims… especially when sophisticated? Are we seeing an Oscar class crocodile tears performance here? ... for which the SEC has also fallen?
Give 'em the old Razzle Dazzle, Razzle Dazzle 'em,
Show 'em the first rate sorceror you are
Long as you keep 'em way off balance
How can they spot you've got no talent
Razzle Dazzle 'em, Bazzle 'em,
And they'll make you a star!
Posts
