How we got here
September 25th, 2008
Bloomberg put together a pretty darn impressive two-part series on the blame for today’s crisis that is assignable to ratings agencies. First, PART 1: how the ratings agencies let loose the AAA bonanza of structured debt obligations (part one), then PART 2: how it made billions for Wall Street only to have the bottom fall out (part two).
The fact that these guys did what they did and get stay in business — while their former customers crater and leave irreparable damage on shareholders and taxpayers — is appalling at best. It’s a damn shame.
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