"Fundamentally flawed, unreasonable and irrational."
In 2006, ABN Amro created a new type of financial instrument, the constant proportion debt obligation (CPDO), and sold a number of them to 15 local councils in Australia. Standard & Poor's rated these CPDOs as AAA.
The Federal Court of Australia has now determined that both ABN Amro and S&P are liable for the losses the councils suffered when the value of the CPDOs collapsed during the financial crisis; the councils lost 90 per cent on the deal. S&P's rating of the CPDOs was found to have been "misleading and deceptive". Felix Salmon provides some analysis. [more inside]
posted by kithrater
on Nov 6, 2012 -
Do not install software from "GAIN" - and never ask me again Microsoft's Internet Explorer team is actually churning out some improvements - the authenticode dialog "Do you want to install this?" in their latest SP Preview Release now functions like it should have from the start, a more usable (understandable) set of choices, and the option to say "No, never ask again". Also, pop-up-blocker apparently quite functional, is set to 'on' by default. Glad to see at least a little progress being made (still no word on PNG or CSS support changes, nor plans for a 7.x version, afaik).
posted by kokogiak
on Mar 24, 2004 -