The first quote is ridiculous. The agencies didn't just fail to warn
investors, they conned them.
Sabri Oncu wrote:
Rating agencies hit by subprime probe
By Tobias Buck in Brussels
Officials in Brussels, and many other critics, believe the ratings agencies
failed to act quickly enough to warn investors about the risks of investing in
securities backed by US subprime mortgages – the sector whose troubles
triggered the recent global market volatility.
--
Michael Perelman
Economics Department
California State University
michael at ecst.csuchico.edu
Chico, CA 95929
530-898-5321
fax 530-898-5901
www.michaelperelman.wordpress.com
