From Pine View Farm

Where Was Moody’s When the Lights Went out? 1

According to McClatchy, in the dark:

As the bottom fell out of the housing market and complex mortgage-backed securities began tanking in 2007, a strange thing happened at Moody’s Investors Service, one of the largest firms that rate bonds for the risks they pose to investors.

Moody’s blue-ribbon board of directors stopped receiving key information from an internal committee that was supposed to keep the board informed of risks to the company, a McClatchy investigation has found.

Read the whole thing to see how the ratings agency turned into a dating agency to help poor lost worthless lonely insecure securities find sugar daddies–and take their sugar.


1 comment

  1. Karen

    April 3, 2010 at 7:59 am

    John Cole is on the same horse. He wants to see the ratings companies answer for all the false information they spewed, regarding the meltdown on Wall Street & beyond.