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Great article in Bloomberg regarding role of Rating Services in the CDO Racket: http://www.bloomberg.com/apps/news pid=newsarchive&sid=ajs7BqG4_X8I
My favourite part: "The three leading rating companies, all based in New York, say that policing CDOs isn't their job. They just offer their educated opinions, says Noel Kirnon, senior managing director at Moody's."What we're saying is that many people have the tendency to rely on it, and we want to make sure that they don't,'' says Kirnon, whose firm commands 39 percent of the global credit rating market by revenue."
I have been struggling to come up with an apt analogy to capture the absurdity of this: "The fact that I am wearing scrubs and have just opened up your chest cavity with a large vice like device should not be construed as evidence that I am a heart specialist. I might be, but if anything goes wrong you have to remember that I didn't say I was an expert. I'm just trying to help you out here." But maybe the best analogy is this: http://blogs.usatoday.com/ondeadline...s_says_ro.html
"C'mon baby. Just cuz my friend is robbing your store doesn't mean I'm robbing your store. He just needed a lift so I'm helping him out which is the kind of considerate thing I do all the time. You know, I like to help people. C'mon baby, how about that number?"
My favourite part: "The three leading rating companies, all based in New York, say that policing CDOs isn't their job. They just offer their educated opinions, says Noel Kirnon, senior managing director at Moody's."What we're saying is that many people have the tendency to rely on it, and we want to make sure that they don't,'' says Kirnon, whose firm commands 39 percent of the global credit rating market by revenue."
I have been struggling to come up with an apt analogy to capture the absurdity of this: "The fact that I am wearing scrubs and have just opened up your chest cavity with a large vice like device should not be construed as evidence that I am a heart specialist. I might be, but if anything goes wrong you have to remember that I didn't say I was an expert. I'm just trying to help you out here." But maybe the best analogy is this: http://blogs.usatoday.com/ondeadline...s_says_ro.html
"C'mon baby. Just cuz my friend is robbing your store doesn't mean I'm robbing your store. He just needed a lift so I'm helping him out which is the kind of considerate thing I do all the time. You know, I like to help people. C'mon baby, how about that number?"
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