• Charles Schumer, Moody's

    Moody’s Waited A Year Before Fixing Ratings

    We’re surprised as you are to hear ourselves parroting New York senator Charles Schumer but that’s what it’s come to: the truly shocking thing about yesterday’s Financial Times report on Moody’s screwing up the ratings on complex debt derivatives is that it took Moody’s nearly a year to fix the problem after it was discovered. […]

    / May 22, 2008 at 9:05 AM
  • Credit Derivatives, Moody's

    Moody’s Multi-Billion Computer Bug

    As it turns out, our robot overlords are destroying human civilization. Moody’s awarded incorrect triple-A ratings to billions of dollars worth of a type of complex debt product due to a bug in its computer models, a Financial Times investigation has discovered. Internal Moody’s documents seen by the FT show that some senior staff within […]

    / May 21, 2008 at 3:54 PM

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