From Naked Capitalism:
“Just when the world at large has become inured to the stories of the role of rating agency incompetence and complicity in our credit mess comes a bit of news that catches the attention of even the jaded.
Moody’s had a bug in a program used to rate complex debt securities (constant proportional debt obligations, a troubled subsector) in 2006 that led billions to be rated Aaa when they deserved grades as much as four notches lower.
But it gets better…”
Naked Capitalism: Defective Moody’s Program Issues Billions of Erroneous Aaas
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