A very readable and clear explanation of some of the plumbing that led to the sub prime credit crisis. The author demonstrates how the so-called “gatekeepers” that our system of unregulated financial capitalism uses to “protect” us in pursuit of the goals of so-called self-regulation failed utterly. This was a giant case of “see no evil, hear no evil.” Or, if you have kids, “hot potato.”
Moody’s – Credit Rating – Mortgages – Investments – Subprime Mortgages – New York Times