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Loose Change

07 Sep 2002

Thanks to the corporate disasters of the past year, the new financial lexicon includes expressions such as "Enronitis," "Tycosis" and "WorldCon." Now, playing on the common term "fallen angel," Goldman Sachs has produced a report dedicated to "flaming angels." A flaming angel is a company that has not only lost its investment-grade rating but has also defaulted on its debt. The lead contenders for the title are not surprisingly Enron and WorldCom.

 

07 Sep 2002