Comments on: UBS’ days of wine and CDOs http://blogs.reuters.com/commentaries/2009/09/14/ubs-days-of-wine-and-cdos/ Now raising intellectual capital Fri, 24 May 2013 07:28:34 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: John McLeod http://blogs.reuters.com/commentaries/2009/09/14/ubs-days-of-wine-and-cdos/comment-page-1/#comment-4499 John McLeod Wed, 16 Sep 2009 16:56:35 +0000 http://blogs.reuters.com/commentaries/?p=4009#comment-4499 Heh Matt, you want a smoking gun? Here's a smoking gun: http://housingdoom.com/2009/09/06/aei-subprime-i-complete-annotated-transcript/#12215 "... Here’s a great story, a friend of mine went to Japan a year ago, was talking with one accountant, and he was talking about investing in some subprime securities, and the accountant said, ‘no, no, no, I don’t want any subprime securities, I want a CDO.’ [laughter] So, you know, that’s, yeah, there’s an issue, but I …" - Tom Zimmerman, UBS fixed income analyst, March 28, 2007. That's been available on the AEI's web site to **anyone**, in living colour, since more than half a year prior to those e-mails you cite above. In other words, ***They were warned.*** Heck, I posted my first transcript of the sequence (it's a reply to a question by Bert Ely, the banking analyst who first called the S&L crisis) on May 7th of that year, with a lurid footnote in case Doom's readers didn't get the joke. If I was all too aware of this issue in my spare bedroom in North End Halifax then, what the heck were the professional due dillies doing? Heh Matt, you want a smoking gun? Here’s a smoking gun:
http://housingdoom.com/2009/09/06/aei-su bprime-i-complete-annotated-transcript/# 12215

“… Here’s a great story, a friend of mine went to Japan a year ago, was talking with one accountant, and he was talking about investing in some subprime securities, and the accountant said, ‘no, no, no, I don’t want any subprime securities, I want a CDO.’ [laughter] So, you know, that’s, yeah, there’s an issue, but I …” – Tom Zimmerman, UBS fixed income analyst, March 28, 2007.

That’s been available on the AEI’s web site to **anyone**, in living colour, since more than half a year prior to those e-mails you cite above. In other words, ***They were warned.***

Heck, I posted my first transcript of the sequence (it’s a reply to a question by Bert Ely, the banking analyst who first called the S&L crisis) on May 7th of that year, with a lurid footnote in case Doom’s readers didn’t get the joke. If I was all too aware of this issue in my spare bedroom in North End Halifax then, what the heck were the professional due dillies doing?

]]> By: John McLeod http://blogs.reuters.com/commentaries/2009/09/14/ubs-days-of-wine-and-cdos/comment-page-1/#comment-4427 John McLeod Tue, 15 Sep 2009 19:44:26 +0000 http://blogs.reuters.com/commentaries/?p=4009#comment-4427 You can click on the links I, II, III, IV (and soon V) beside the name "Tom Zimmerman" here to see what the ace UBS fixed income analyst was saying "within the ribbon" at 6 month intervals from March '07. http://housingdoom.com/articles/transcript-index-guide/#aeipart You can click on the links I, II, III, IV (and soon V) beside the name “Tom Zimmerman” here to see what the ace UBS fixed income analyst was saying “within the ribbon” at 6 month intervals from March ’07.

http://housingdoom.com/articles/transcri pt-index-guide/#aeipart

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