Roger Lowenstein is a very concise analysis of just how what Atrios and I call the "Big Sh%$pile"* got the high ratings from Moodys necessary for the debt to be resold.
I think that it explains the process in a clear and concise way, though I think that he is far too easy on Moodys.
The process involved is inherently corrupt, since the issuers get to choose their ratings agency.
I would argue that much of this was covered in "Best PowerPoint Ever", which makes it rather more clear just how corrupt this game was.
*Only the distinguished gentleman from Philadelphia does not mask out the last two letters of the word "Sh%$"
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