Macaskill on markets

Macaskill on markets

Standard Chartered's Bill waits for Fed's Janet

Malaysia

Malaysia

Jho says it ain’t so

It’s time for the raters to come clean


Revelations on Moody’s mis-rating of CPDOs could be the most damaging yet.


At the start of this year, Moody’s 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, Moody’s 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...


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