S&P's Enron moment

IM conversation between two Standard & Poore's employees, April 2007, as revealed in testimony before Congress today:

Shannon Mooney: i didn't really notice...but now that i think about it i kindof tune her out when she talks

Rahul Dilip Shah: well she just is too political...and she doesn't have anything of substance to say...but keeps thinking that she does.

Rahul Dilip Shah: (I'm done venting now) :)

Shannon Mooney: k go take a nap

Shannon Mooney: see you later

Rahul Dilip Shah: ok

Rahul Dilip Shah: btw - that deal is ridiculous

Shannon Mooney: i know right...model def does not capture half of the rish

Shannon Mooney: risk

Rahul Dilip Shah: we should not be rating it

Shannon Mooney: we rate every deal

Shannon Mooney: it could be structured by cows and we would rate it

Rahul Dilip Shah: but there's a lot of risk associated with it - I don't personally feel comfy signing off as a committee member.

(Via the Big Picture blog and The Epicurean Dealmaker. The latter has a pictorial illustration that I like, Mark Tansey's "The Innocent Eye Test"; the former has links to the transcript.)