Sheesh. Professor Raynes certainly has guts, I'll give him that. Anyhow, is it me, or should the ratings system be implemented differently in that AAA isn't so prevalent? I mean, think about grades in class...an A is 93% and upwards, so a AA should be like 96% and AAA 99% or so, but instead, when I was looking at a CMO structuring problem in quant opt last semester, like 80% of the tranches were AAA. It was pretty hilarious, actually.