As the effects of the sub-prime meltdown continue to roil financial markets and the global economy, one apparent casualty is the credibility of the global rating agencies, whose contribution to the sub-prime mess was high ratings for mortgage-backed bonds that lost value and liquidity, as consumer mortgage defaults mounted and housing-related business took a steep dive.
The rating agencies have since lowered ratings on a surprisingly large number of debt instruments, admitting they did not an
Victor Anderson, who is in town from London, joins Anthony and James to dig into the key themes from Waters USA.Subscribe to Weekly Wrap emails
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