Thursday, September 24, 2009

Moody's caught with its pants down

Rating agency Moody's caught with pants down.
Proves the point of what I wrote in my ET piece. Listing and greed go hand in hand. Only way out is to delist the company. Distribute the capital between 20 or 30 odd banks who can form a committee to hire and fire people. Maybe some of the large investing insitutions like CALPeRS can sit in on the Board. Best way to preserve the independence of the rating agencies.

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