Moody's rats out rattings rats. . .

As for both Moody's and S&P,
defending their models for incompetent
ratings is like a writer defending
Microsoft Word for a badly written article

Derivatives consultant Janet Tavakoli (Personal communication).

Moody's Says Some Employees Breached Code of Conduct
by Emma Moody and Neil Unmack
Bloomberg Jul. 1 2008

Moody’s Shakes Up Management After CPDO Errors
Dealbook (The New York Times) Jul. 1 2008

Earlier on NakedShorts

That Moody’s investigation in fool I
May 23. 2008