Wednesday, May 21, 2008

Another example of the "invisible hand" of the free market spanking us on the ass

Cart and Driver and Street Dog, on a Quiet Day

This made me laugh out loud.

Moody's, the corporation that ranks the credit ratings of big-time Wall Street borrowers and investors (conflict of interest, anyone?), discovered a "bug" (read as, bad programming) in their computer models used to assess Triple-A Ratings. Moody's gave Triple-A Ratings to any securities product under the sun. Even after discovering the error in early 2007, it took them a whole year to remove Triple-A status to the products.

Another example of the "invisible hand" of the free market spanking us on the ass, perhaps?

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