Op-Ed of the Day

From the New York Times, Michael Lewis and David Einhorn write The End of the Financial World as We Know It and How to Repair a Broken Financial World.

Here’s my favorite part:

“It’s almost as if the higher the rating of a financial institution, the more likely it was to contribute to financial catastrophe. But of course all these big financial companies fueled the creation of the credit products that in turn fueled the revenues of Moody’s and Standard & Poor’s.”

“These oligopolies, which are actually sanctioned by the S.E.C., didn’t merely do their jobs badly. They didn’t simply miss a few calls here and there. In pursuit of their own short-term earnings, they did exactly the opposite of what they were meant to do: rather than expose financial risk they systematically disguised it.”

Tough but true.

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