Goldman Sachs executives suffered a marathon grilling in front of the Senate investigations subcommittee on Tuesday. But just as important a hearing of the body – arguably more important – occurred last week.
The organisations on political trial last Friday were the ratings agencies Moody's and Standard & Poor's, which played a more central role than any investment bank in the failure of so many investment-grade securities. If all the subprime mortgage securities they rated
triple A had not turned to junk, no bail-outs would have been required.
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