Monday, December 08, 2008

Tales from the Meltdown 5

Moody's and the other rating agencies, previously discussed here in one of the Tales from the Meltdown editions, get taken apart in nested fashion by Gretchen Morgenson at the NYT and by Barry Ritholtz at the Big Picture.

Until the causes of the meltdown are fixed, anything done to repair the damage is no better than pissing in the wind. The successor management teams at each of the big financial firms needs to live in dire and holy fear of a perp walk into federal custody. Anything less isn't going to provide an adequate counterbalance to the forces of unbridled greed that rule the street.

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