How we cite our quotes: (Chapter.Paragraph)
Quote #10
This was insane: The arbiter of the value of the bonds lacked access to relevant information about the bonds. (7.20)
Here's how bad things are within the ratings agencies: they don't even know what's inside the mortgage bonds they're rating. That's like a mechanic working on your car without opening the hood, or a doctor treating an illness over email. It just doesn't make sense.