From the thesis: J.P. Morgan’s CDOs consistently underperformed, while those from Goldman Sachs were among the top performers Also: CDOs rated by Fitch gener

From the thesis: J.P. Morgan’s CDOs consistently underperformed, while those from Goldman Sachs were among the top performers Also: CDOs rated by Fitch generally had less defaults than those without a Fitch rating. However, this result is not conclusive, as a number of other factors could be responsible for the lower level of defaults in Fitch-rated CDOs.