Private placement market

Private placement market

Does Europe need its own?

Capital Markets Union green paper

Capital Markets Union green paper

CMU is about complementing the role of banks, not displacing them

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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