Quote:
Originally Posted by Azure
Is it just me or isn't it strange that such an important calculation is left in the hands of agencies that more than had their hands on the machine that contributed to the crash in '08?
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I tweeted something to that effect as well. The ratings agencies were pathetic leading up to 2008 and now they make a $2 Trillion dollar error (and agree they made the mistake!) and still issue the downgrade. Yesterday Moodys reaffirmed the AAA, FWIW.
Honestly, for people that care and rely on these things there is a lesson here: do the work yourself and don't farm it out.