Bloomberg: Blame the Ratings Agencies (Part I) from The Big Picture

An example of what I have been saying all along: the special status of Rating Agencies was pivotal in the excesses of the credit boom.

That day, a member of an S&P executive committee ordered him, the company’s top mortgage official, to grade a real estate investment he’d never reviewed.

The Big Picture | Bloomberg: Blame the Ratings Agencies (Part I).