2013-02-14bloomberg.com

The Vertical ABS 2007-1, a mezzanine cash flow structure built with asset-backed securities underwritten by UBS AG, is one of dozens of deals listed in the Justice Department's Feb. 4 lawsuit against S&P and its parent McGraw-Hill Cos. that received the ratings firm's highest AAA grade. Internal UBS e- mails referred to CDOs "as `crap' at the same time that the bank was selling them," Senator Carl Levin said in an April 2010 subcommittee hearing on the causes and consequences of the financial crisis.



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