Moody’s the whore…

Here’s an interesting article on the way Moody’s Investor Disservice Service whored itself out to Wall Street and then purged executives and employees who expressed concerns about what the firm was doing. 

In my opinion, of all of the private sector actors that played significant roles in causing the financial crisis, the ratings agencies should have been best positioned to identify potential problems with the asset-backed securities they were asked to rate.  Instead, they generated very sizable fees simply for giving johns (Wall Street) what they wanted, with the brunt of the damage being inflicted elsewhere.

I suppose my fellow brothers at the League can take pride in knowing that they knew as much about what was in those complicated structured finance products as the ratings agency analysts assigned to rate them.