A former senior analyst at Moody's has gone public with his story of how one of the country's most important rating agencies is corrupted to the core.
The analyst, William J. Harrington, worked for Moody's for 11 years, from 1999 until his resignation last year.
From 2006 to 2010, Harrington was a Senior Vice President in the derivative products group, which was responsible for producing many of the disastrous ratings Moody's issued during the housing bubble.
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If Moody's had given the US a AAA rating,does anyone really think all of this would have surfaced?Even the AA+ that we settled for was generous.We as a nation actually needed the downgrade to force us to curb our spending.Critique often forces people to improve.
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