Horse Several Miles from the Barn ……Let’s Lock the Door

May 26th, 2008 1:53 pm | by John Jansen |

SEC is investigating the ratings agencies.  Better late than never…….I guess.

Check out this quote. Where the heck were they in 2005 or 2006? Now they check on methodology!   (Excerpt below)

“We sent letters to Moody’s, Standard & Poor’s and Fitch asking for them to get back to us on aspects of their methodology,” said Erik Sirri, director of the SEC’s trading and markets division.

“We asked them to explain the policies and procedures used to detect errors in ratings of structured finance products and to tell us about any errors that they found in structured finance products over the last four years, including steps that they followed to correct the problem,” he added.

(End of excerpt)

I kept checking the byline and indeed it is May 26,2008.

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  1. 3 Responses to “Horse Several Miles from the Barn ……Let’s Lock the Door”

  2. By Adan Lerma on May 27, 2008 | Reply

    “several miles from the barn” is right 🙂

  3. By John Jansen on May 27, 2008 | Reply

    I thought when I forst read the article that it was some sort of satirical Onionesque piece. So it is actually sad and funny simultaneously.

  4. By Adan Lerma on May 27, 2008 | Reply

    my wife used the same exact words this morning, “sad & funny” when i sent her a link to an article on patrick.net:
    http://www.salon.com/mwt/feature/2008/05/23/home_improvement/?ref=patrick.net

    must be more and more of us are “grinning and bearing it” , but not w/out needing to recognize the sad part

    still, maybe that’s a good thing 🙂

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