Wednesday, July 08, 2009


We'll Scam You Until Forced To Stop

Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale... Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings and $42.9 million of notes graded Baa2, the second-lowest investment grade by Moody’s Investors Service... Let's translate this into english for the less-financially-literate.

Denninger: We'll Scam You Until Forced To Stop

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