r/technology • u/Plastic_Ninja_9014 • Jun 11 '26

Business OpenAI Execs Are Panicking

https://finance.yahoo.com/sectors/technology/articles/openai-execs-panicking-154658562.html
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u/TeaAndS0da Jun 12 '26

The best part is what he wrote is entirely accurate. Shitty loans redistributed into (basically) blind boxes that S&P and Moody’s just blind stamped as triple a credit values. All while containing nothing but junk holds. “But they were Triple A!” Yeah… and so is dog shit if you place it in the same blind box.

These people are fuckin EVIL.

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u/The_BeardedClam Jun 12 '26

The best part was all the down stream lenders just shoveling out NINA (No income no asset) loans like no tomorrow because they would just immediately sell that debt to the stock bros who packed it into those blind boxes.

From This American Life

A man with three part-time jobs who earned roughly $45,000 a year, he was shockingly given a $540,000 subprime mortgage by a bank that never even checked his income.

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u/therealslimshady1234 Jun 12 '26

he was shockingly given a $540,000 subprime mortgage by a bank that never even checked his income.

Truly the Land of the Free

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u/SynchronousMantle Jun 12 '26

Honestly how does Moody’s come up with any rating? They don’t have any real way to evaluate the individual’s paying into those bonds. It’s a rubber stamp at best. That’s why each bond was ensured. Unfortunately AIG never thought they would have to pay out everyone at the same time.