Wednesday, April 2, 2008
Look into my eyes, not around my eyes; ‘Honest they definitely AAA, trust me.’, now open your eyes
Moody's Is Worst Subprime-Bond Rater, Fitch Is Best
I wonder who was responsible for rating the majority of toxic waste as AAA??????????.....Moodys should be looking at criminal charges and complicity to defraud on a world wide scale. IMHO
Posted by bystander @ 05:23 PM (348 views)
One thought on “Look into my eyes, not around my eyes; ‘Honest they definitely AAA, trust me.’, now open your eyes”
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Icarus says:
The guy from S&P on last night’s BBC2 programme said it wasn’t his remit to do the ‘underlying’ due diligence. In other words he relied on information from lenders about credit quality. So he gave AAA ratings to sub-prime mortgages wrapped up as mortgage-backed securities. Then he said that it was up to investors to understand that rating agencies did not go around checking on who was getting loans or mortgages. But one of the wealthy interviewees said that everybody understood that an AAA rating from one of the big agencies was as safe as, er, anything. So what is the added value of rating agencies?