Matt Taibbi was a guest on "All In with Chris Hayes" this evening. Matt talked about what he found when he examined documents and emails that were collected as a result of law suits against the nation's two top ratings companies, Moody's and S&P. The information revealed the ratings from the two firms were for sale, and were not merely the result of thorough evaluations.
from the Rolling Stone article:
In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked.
"Lord help our fucking scam . . . this has to be the stupidest place I have worked at," writes one Standard & Poor's executive. "As you know, I had difficulties explaining 'HOW' we got to those numbers since there is no science behind it," confesses a high-ranking S&P analyst. "If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value," complains another senior S&P man. "Let's hope we are all wealthy and retired by the time this house of card[s] falters," ruminates one more.
the Rolling Stone article by Matt Taibbi: