He says it is at risk due to pressure from bankers.
Yes. I tell you, these emails are, I think, just devastating as to the kind of culture that was going on here.
Pressure by the investment bankers on your analysts. Pressure applied by managers at Moody's to maintain market share.
It was common knowledge that ratings shopping occurred in structured finance.
Should collateral that is coming from a company whose collateral in general is not performing so good, should that collateral be treated dif...
it is a pretty sad story. A sad chapter in the history of credit rating agencies, folks.
It seems to me it is obvious that you ought to distinguish between lenders.
You just said finally, after the fourth time I asked, it should be looked at differently.
That constitutes a risk to ratings quality.
Certainly.
And you were making pretty good profit at that time, though, weren't you?