From Pine View Farm

The Wolf’s Wardrobe 0

Where is the sheep’s clothing kept?

In the sacks of Goldman.

Bloomberg (emphasis added):

Such securitization enabled debt with the lowest investment-grade ratings to be transformed, in part, into AAA securities that turned out to not be as safe as that ranking suggested. At least $5 billion of Abacus slices now carry junk ratings, below BBB-, from Standard & Poor’s, or have defaulted, Bloomberg data show.

Follow the link to see the shell game explained.

As I’ve been saying, Wall Street called them bags of gold, but they were bags of air.

All label, no gold.

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