On Vox: dog ate my credit rating

[stas]

Moody’s awarded incorrect triple-A ratings to billions of dollars worth of a type of complex debt product due to a bug in its computer models, a Financial Times investigation has discovered.

Internal Moody’s documents seen by the FT show that some senior staff within the credit agency knew early in 2007 that products rated the previous year had received top-notch triple A ratings and that, after a computer coding error was corrected, their ratings should have been up to four notches lower.

Да-да.
The same bug is suspected to be responsible for Enron and WorldCom scandals and the dotcom bubble. In other news, the bug caused banks give out subprime mortgages to home buyers who can't afford it, government spend more money than they collect and also is responsible for high oil prices and global warming.

Originally posted on sm.vox.com

Comments

[arpad.livejournal.com]

Blame the programmer!