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He says to off. I can’t see a damn thing. SIGHS My eye doctor’s always busy. I end up taking any appointment they’ll give me, and then the whole morning gets shot to hell! So… All righty, FrontPoint Partners, how can Standard & Poor’s help you? VINNIE: Well, we don’t understand why the ratings agencies haven’t downgraded subprime bonds since the underlying loans are clearly deteriorating. Well, the delinquency rates do have people worried, but they’re actually within our models. So… VINNIE: Says you. …you’re convinced the underlying mortgages in these bonds are solid loans. GEORGIA: That is our opinion, yes. Have you looked at the loan level data? I mean, they’re giving these loans to anybody with a credit score and a pulse. Excuse me, sir. What do you think we do here all day? VINNIE: We’re not sure. That’s why we’re here. Here’s what I don’t understand… We check, recheck, recheck again. MARK: If these mortgage bonds are so stable… Perhaps you could check your friend. MARK: …have you ever refused to rate… VINNIE: Ma’am, that’s delusional. GEORGIA: We stand behind them. MARK: Georgia, have you ever refused to rate any of these bonds upper tranches AAA? Can we see the paperwork on those deals? I am under no obligation to share that information with you, whoever you might be. Just answer the question, Georgia. Can you name one time in the past year where you checked the tape and you didn’t give the banks the AAA percentage they wanted? If we don’t give them the ratings, they’ll go to Moody’s, right down the block. If we don’t work with them, they will go to our competitors. Not our fault. Simply the way the world works. VINNIE: Holy shit. Yes, now you see. And I never said that. They’re selling ratings for fees. A ratings shop. You can afford to make less. Make less. Nobody said that. And it is not my decision. I have a boss. Are you kidding me? No, I am not “kidding you”. How’d your boss do on the IPO? MARK: Is that the angle you’re taking? Perfect Dreamy Dishes Pumpkin Spice Muffins



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