Crackdown on Wall Street: The Perp Walks are Coming (Excerpt)
Fox Business- February 2, 2009
by Elizabeth MacDonald

"The mortgage-backed bonds that were really only so much baloney, despite being rubberstamped by the credit rating agencies as triple-A, credit ratings agencies called the market’s “astrologers” by Janet Tavakoli, the structured finance specialist and author of “Dear Mr. Buffett: What An Investor Learns 1,269 Miles From Wall Street” (2009).

...the biggest frauds of all may escape, not predatory lending, but predatory securitizations.

Namely, the asset-backed bonds cooked up in Wall Street’s “financial meth labs,” structured finance expert Tavakoli notes in her new book, its byzantine CDO factories that pumped out bad bonds that have melted down savings accounts world wide and are just pure “hot molten evil,” as one investor calls them.

“It seems to me that some investment banks knowingly participated in predatory securitizations,” says Tavakoli in her book.


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Janet Tavakoli is the president of Tavakoli Structured Finance, a Chicago-based firm that provides consulting to financial institutions and institutional investors. Ms. Tavakoli has more than 20 years of experience in senior investment banking positions, trading, structuring and marketing structured financial products. She is a former adjunct professor of derivatives at the University of Chicago's Graduate School of Business. She is the author of: Credit Derivatives & Synthetic Structures (John Wiley & Sons, 1998, 2001), Structured Finance & Collateralized Debt Obligations (John Wiley & Sons, 2008), and
Dear Mr. Buffett: What An Investor Learns 1,269 Miles From Wall Street (John Wiley & Sons January 2009)

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