Tales from the Meltdown 2

According to bloomberg.com, Moody's employees said the company "sold our soul to the devil for revenue," in an attempt to become more "issuer friendly".

S&P employees, on the other hand, were passing around text messages like this:

Rahul Dilip Shah: btw: that deal is ridiculous

Shannon Mooney: I know right... model def does not capture half of the risk

Rahul Dilip Shah: we should not be rating it

Shannon Mooney: we rate every deal

Shannon Mooney: it could be structured by cows and we would rate it

(via Calculated Risk)