CNBC grills S&P on their assessment on CDO’s as AAA rated debt and their role in building up the massive credit bubble and now their quick degradation of the same assets which has led to the implosion. Their point: if you were so off on the initial rating how can you be certain of the new ratings that you’re handing out?
A great point. Many people point to the ratings agencies as one of the biggest culprits in this entire debacle.
Must watch TV: