Ratings agencies failed to properly assess risk from "summary" of The Big Short by Michael Lewis
The rating agencies were supposed to assess risk. They were supposed to decide how risky bonds were. They failed spectacularly. They didn't just make mistakes. They made mistakes that almost blew up the world economy. They gave high ratings to bonds that were junk. They said the bonds were as safe as the United States government. They said the bonds were as safe as gold. They were wrong. The bonds were toxic. They were ticking time bombs. They were about to explode.
The rating agencies were paid by the banks. The banks were selling the bonds. The banks wanted the bonds to look safe. The rating agencies made them look safe. They ignored the warning signs. They ignored the facts. They ignored common sense. They were too cozy with the banks. They were too greedy. They cared more about money than about honesty. They didn't do their jobs. They didn't protect investors. They didn't protect the economy.
The rating agencies were supposed to be independent. They were supposed to be impartial. They were supposed to tell the truth. They didn't. They were corrupted. They were compromised. They were part of the problem. They were part of the fraud. They were part of the disaster. They were supposed to be watchdogs. They were supposed to bark when they saw danger. They didn't bark. They were asleep. They were silent. They were useless.
The rating agencies were supposed to be experts. They were supposed to be smart. They were supposed to be careful. They weren't. They were dumb. They were reckless. They were careless. They were incompetent. They were blinded by greed. They were blinded by arrogance. They thought they were infallible. They thought they were untouchable. They were wrong. They were fools. They were idiots. They were villains. They caused the crisis. They caused the chaos. They caused the pain. They caused the suffering. They caused the Big Short.
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