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« Reich: Gov't Should Put BP In Receivership (WATCH) | Main | Buffett Discusses FCIC Testimony On Ratings Reform -- Tries To Distance Himself From Moody's (WATCH) »
Wednesday
Jun022010

FCIC Chair Angelides: Moody's, S&P & Fitch 'Were Central Cause' Of Financial Crisis (WATCH)

Outstanding interview with Phil Angelides conducted after today's hearing.  Definitely worth the 5 minutes.  Angelides is a truth-teller.  He dispels the myth that "no one saw it coming" quite beautifully.  Can't overstate how much I like Angelides.  Fast talker.  Clear, concise.  Very solid.  Provides an outline of past and future FCIC hearings.

  • "They were huge enablers of these toxic mortgage securities."
  • "They failed miserably.  They approved fraudulent products.  This is as if UL (electronics testing firm) was testing toasters, and 90% of them blew up in your kitchen.  It was a failure."

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Video:  June 2 (Bloomberg) -- Financial Crises Inquiry Commission Chairman Philip Angelides talks with Bloomberg's Peter Cook about the role of credit ratings companies in the financial crisis. Billionaire investor Warren Buffett and Moody's Corp. Chief Executive Officer Raymond McDaniel testified today before the commission about credit ratings practices.

 

 

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