Egan-Jones

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    News

    At Long Last Egan-Jones Has Been Brought To Justice

    The SEC’s press release touting its triumph over rebel-without-a-cause rating agency Egan-Jones gives just the […]

    / Jan 22, 2013 at 4:07 PM
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    Quo usque tandem abutere, Egan-Jones, patientia nostra?

    Lawyers all know the old case in which a guy sued another guy over a […]

    / Apr 24, 2012 at 6:00 PM
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    Quis Custodiet Ipsos Egan-Joneses?

    Let’s not stop there with the clichés.* Here’s a great one: “never attribute to malice that which can be adequately explained by stupidity.” In applied form: your model of all the AAA mortgage CDOs that were maybe not so AAA could be “ratings agencies were paid by banks so they were venal and corrupt and sold the banks good ratings on products they knew were bad.” Or it could be “ratings agencies created medium-dumb criteria to make a thing be AAA, and bankers who were smarter than medium-dumb arbed those criteria to make more things be AAA than should have been AAA.” The incentives model has good economic theory behind it, and some suggestive evidence; the stupidity model has that lovely cliché but also some evidence, about which more later.

    But first hilarious contrarian ratings agency Egan-Jones is in trouble:

    / Apr 19, 2012 at 3:53 PM
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    Egan-Jones Demands Someone Hire A Plane And Tell Them They Should Be Fired

    Three weeks ago, Egan-Jones Ratings Co. downgraded America. Almost no one paid attention. “S&P’s downgrade […]

    / Aug 10, 2011 at 5:51 PM