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Off the record

"Actually, now’s not a good time"
Standard answer by bankers to Euromoney journalists when they called at pre-arranged times during August – and that’s on the rare occasion we actually got through

"You are not sure if it’s a bit off so you mince it up and make it into pork sausages..."
"It’s like the bottom layer on a layered sponge cake"
Some interesting descriptions of CDOs heard in mass media outlets

"SIVs represent an oasis of calm in the sub-prime maelstrom"

The award for least prescient headline of the year goes to... Moody’s

"I think you might need to rename your structured finance section the high yield section from now on!"

A structured finance banker takes a gloomy view of where the market is headed

"Excuse me, I desperately need a glass of water, I’ve just been on the phone with a politician!"

The CEO of a European bank blames the politicians for his cough

‘Fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, FUCK!! I’ve just lost more today than I’ve made in my entire career"

Email by investment bank trader to former colleague, sent on August 14

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