Voltron says: The author is a jerk who wrote an "expose" on Morgan Stanley titled F.I.A.S.C.O. He makes some good points though. Executive summary: The three ratings agencies are an government sanctioned oligopoly that hides behind free speech to profit from perpetuating the con of CDOs.
http://www.tcf.or.jp/data/20050928_Frank_Partnoy.pdf
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