S&P Officials: We'd Do a Deal 'Structured by Cows' this instant message exchange between two unidentified Standard & Poor's officials about a mortgage-backed s

S&P Officials: We'd Do a Deal 'Structured by Cows' this instant message exchange between two unidentified Standard & Poor's officials about a mortgage-backed security deal on 4/5/2007: Official #1: Btw (by the way) that deal is ridiculous. Official #2: I know right...model def (definitely) does not capture half the risk. Official #1: We should not be rating it. Official #2: We rate every deal. It could be structured by cows and we would rate it.