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)
Please complete the required fields.



One thought on “Look into my eyes, not around my eyes; ‘Honest they definitely AAA, trust me.’, now open your eyes

  • 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?

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>