Ripping the Raters
And they deserve every bit of ripping they get. And then some.
The Big Picture discusses a NYT article on the tremendous ‘contributions’ of the ratings agencies to the financial mess that we’re in:
“These errors make us look either incompetent at credit analysis or like we sold our soul to the devil for revenue, or a little bit of both.”
— A Moody’s managing director responding anonymously to an internal management survey, September 2007.
Or maybe a LOT of both.
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