Wednesday, May 21, 2008

This is a big deal

If I understand this correctly, one of the major ratings agencies incorrectly rated some instruments in 2006. This is surely an open goal for anybody wanting to blame any subsequent losses on someone else.

I really wouldn't want to be Moody's or their insurers right now...

(Question: who can say they knew what a CPDO was before they heard about this story?)

1 comment:

Ben said...

Question: who can say they knew what a CPDO was before they heard about this story?

I was going to make a robot joke but the FT beat me to it.