As the credit world was unraveling around them, email communications between analysts at S&P seems to be pretty damming to their neutrality position. And finally now the lawsuit. There’s a fascinating re-write of the great Talking Heads song “Burning Down The House” by an S&P analyst.
I’ve got the entire Talking Heads catalogue on my iPhone and I’ll bet that David Byrne and the rest of the ‘Heads never imagined their music would used to describe a global credit bubble.
Here is the S&P email with the revised lyrics – as the credit world was imploding…
“With apologies to David Byrne…here’s my version of “Burning Down the House”
Housing market went softer
Strong market is now much weaker
Subprime is boi-ling o-ver
Bringing down the house
CDO biz — has a bother
Leveraged CDOs they were after
Going — all the way down, with
Hey you need a downgrade now
Huge delinquencies hit it now
Bringing down the house.”
Wow. Their other songs like “Wild Wild Life”, “Road to Nowhere”, and “Psycho Killer” might have also done the trick.