More on the Rating Agencies
Robert Waldmann writes:
Moody's Blue: This McClatchy article by Kevin G Hall seems important to me. It does rely a lot on accusations by disgruntled ex employees, but I guess that is unavoidable.
The lede:
WASHINGTON -- As the housing market collapsed in late 2007, Moody's Investors Service, whose investment ratings were widely trusted, responded by purging analysts and executives who warned of trouble and promoting those who helped Wall Street plunge the country into its worst financial crisis since the Great Depression...