My Ignorance Amazes me but Still I Cannot Sleep

I think this business insider article by Henry Blodget is a genuine must read

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,

Sad to say (pathetic really) something was news to me

“Moody’s …. since going public in 2000.”

I didn’t know ( I have stressed my ignorance many times here but I had no idea how much ignorance I had to stress).

It sure didn’t take long.

Also how long did the longest lived publicly traded investment bank in the USA survive as an investment bank ? Did any make it over age 18 ?

Since some time in the mid 70s I had been very puzzled as to how private unregulated firms with such power could remain uncorrupt (in 2008 I started wondering how they had remained uncorrupt for so long).

“We told you so” — Bearle and Means.

update: at least I’m not naive enough to be surprised by this

MCO 27.04 -0.89 -3.19%