Credit ratings are a necessary evil: Gary Jenkins column
When I first started working in the capital markets, rating agencies were viewed as independent arbiters of credit quality and accorded a modicum of respect. It was a long time ago.
I recently read three books about the financial crises in quick succession: Complicit by Mark Gilbert, The Big Short by Michael Lewis and Too Big to Fail by Andrew Ross Sorkin. A common theme connecting the three books was that the rating agencies were easily manipulated, their models questionable and the final
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