Iran's pivotal moment

Iran's pivotal moment

Tehran is at a crossroads…

Swimming not drowning

Swimming not drowning

Bond market has ability to adapt

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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Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.