DOWNGRADES

So more belated downgrades come on a slew of late vintage subprime fortified paper. I'm sure the hedge funds who got headily drunk collecting those juicy returns at 30x leverage won't really care too much if they implode, they still get to run away from their 20% over the last two years. And a bunch of pension funds will be holding the bag on the rest of the junk. Sigh.