Excellent PBS video on this page that you really should watch.
What role did the credit rating agencies play in the current economic crisis? This week, a former managing director at Standard & Poor's speaks out on U.S. television for the first time about how he was pressured to compromise standards in a push for profits.
Frank Raiter reveals what was really going on behind closed doors at the credit rating agencies the public relies on to evaluate the safety of their investments.
"During this period, profit was primary; analytics were secondary," Raiter tells NOW Senior Correspondent Maria Hinojosa.
In an Instant Message exchange, an S&P employee in the structured finance division writes: "It could be structured by cows and we would rate it."
Other worthwhile links too.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment