An S&P analyst set new lyrics about the housing market to an old song… (Henny Ray Abrams / Associated…)
As the housing market collapsed in 2007, an analyst at Standard & Poor's composed a little tune for colleagues -- "Analyst D's" own version of "Burning Down the House" by the Talking Heads.
The email, cited in the U.S. Justice Department's lawsuit against the ratings agency filed in Los Angeles late Monday, came in March 2007 after the analyst conducted a risk analysis of bonds packed with souring mortgages the previous year.
"With apologies to David Byrne," the email began, "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."
Perhaps sensing this song might go down in the annals of embarrassing work emails that could one day find their way into litigation -- ahem -- the analyst quickly sent a follow-up email, according to the government's lawsuit.
"For obvious professional reasons, please do not forward this song," the analyst said. "If you are interested, I can sing it in your cube ;-)."
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