That Didn't Take Long
MOODY'S ANALYST BREAKS SILENCE: Says Ratings Agency Rotten To Core With Conflicts, Corruption, And Greed
S&P, Moody’s Mortgage-Security Ratings Are Said to Face U.S. Investigation
"But don't forget, it's me who put you where you are now.
And I can put you back down too."
1 comment :
The first time I heard of Fitch was in !998. S&P & Moody's? Not sure, but probably decades earlier.
So the people (Wall Street) who produce the product (Mortgage Backed Securities) no longer get to hire the rating agencies (Fitch, S&P, Moody's) who grade their product?
I heard there is now a fourth rating agency who is retained by the buyers of the bonds to tell them how it really is! A decade late on this event.
That didn't take long....if you're a redwood tree...
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