Authors:

Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.

"The 20 Forgotten Lessons Of 2008". Seth Klarman's annual letter, www.businessinsider.com. April 28, 2010.
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.