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That's what I don't understand. If the auditor couldn't understand the investment then they should absolutely not give it a stamp of approval. When in doubt, t
by jgmmo 12y ago
That's what I don't understand. If the auditor couldn't understand the investment then they should absolutely not give it a stamp of approval.
When in doubt, throw it out.
- alexqgb 12y agoYou really have no idea what went on, do you? Spend some time googling stories about people who operated by the book at the ratings agencies. Their careers...did not go well.
- jobposter1234 12y agoAgreed, they should throw it out, but they're also throwing out a paycheck. FWIW, I was just parroting Nate Silver's section on the financial crisis. He identifies the ratings agencies as one of the several groups responsible for the downfall. In S&N, Silver discusses how the ratings agencies gave their ratings software to the banks, so the banks could "dry-run" their tranches to get the best ratings available. They were more than just complicit -- they actively enabled the financial groups to game the ratings.
- snowwrestler 12y agoIf you don't understand it, why are you advocating for the same model in drug regulation?