"The credit-rating downgrade deluge that's been rocking financial markets isn't over. ... The three major rating firms ... have been maligned by critics for originally underestimating the danger of bonds backed by subprime mortgages and other investments tied to mortgages. ... In September, during hearings about ratings firms on Capitol Hill, at least one questioner raised the issue about whether the [SEC] could require more uniform updates from the rating firms, which could also boost transparency about the state of the market", WSJ, 9 November.
The last thing the rating agencies want is transparency. The various rating agencies have downgraded tens of billions of dollars of CDOs recently. Where were they when we needed them?
The last thing the rating agencies want is transparency. The various rating agencies have downgraded tens of billions of dollars of CDOs recently. Where were they when we needed them?
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