At the start of this year,
Moodys published a research piece entitled
Archaeology of the crisis. One might have expected
the rating agency to steer clear of digging up the bones of the
sub-prime debacle, as it, along with its fellow raters, wrongly
classed billions of dollars of sub-prime RMBS and ABS CDOs as
top-quality securities. It seemed that the rating agency was
starting 2008 with a New Year confessional.
But this was no mea culpa. Rather, Moodys argument
boiled down to this: "It is wrong to blame us or other actors
for what has just taken place, because things are so
complicated it is virtually impossible for anyone...