MyATMPinIs1234

"Moody's Corp. employees may be fired if the firm finds that errors in calculating credit ratings for certain products were covered up, people familiar with the matter said, marking a turn away from the firm's more-defensive stance for months (WSJ 5/28)."

So you're telling me that Moody's is now willing to fire people that monumentally fucked up, and then lied about it to cover it up? What an interesting and novel HR policy!

While this is a step in the right direction, I think it should not take both incompetence and malfeasance to get fired.

It explains a lot though. When you rate a security AAA, that shouldn't mean it is safe only if everything goes perfectly. It should mean we have taken every contingency into account and it's still safe. Otherwise there is no point in rating something. Of course it'll be fine when everything goes well.

I think ratings agencies should have to append a "surgeon general" type warning to all ratings, stating that the rating is for entertainment purposes only, and was calculated by people who could never ever get a job at the firm that created the product in question, and who probably don't understand it or even know what the acronym stands for.