Banking
Jul. 28, 2009
Ratings (Fool's) Gold
By using flawed rating models, credit rating agencies transformed pools of junk mortgages into securities supposedly worth far more than the sum of their parts, writes Mark Labaton.
FORUM COLUMN
By Mark Labaton Credit rating agencies, which bear significant responsibility for the financial collapse of 2008, hope to avoid liability by using the First Amendment as their shield - a defense the courts should reject. In recent years, these agencies provided guidance and ratings instrumental in putting trillions of dollars of mortgaged-backed securities - often referred to as collateralized debt obligations - on the market....For only $95 a month (the price of 2 article purchases)
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