L.A. chief investment officer Thomas Suarez told TBB:
Quite frankly, we just don't want to be associated with [Standard & Poor's] anymore based on that decision. We think it was irresponsible and just excessive.
L.A. was taken from AAAf to AAf last week, about the time the U.S. was downgraded from AA-plus from AAA.
That wouldn't be so bad, but S&P was one of the rating agencies that stood by with top grades as Wall Street invested in junk real estate loans and related "tools." (And "tool" is a key word here).
And you know where that got us: Great Recession. (It lives).
Payback's a bitch, even on Wall Street.