Triple-A Failure

For those who have not had to deal directly with the mortgage and credit crises over the past last year, Roger Lowenstein of The New York Times Magazine has provided a thoughtful overview of the role of the rating agencies in the development of structured finance, specifically of the subprime mortgage market and it’s dear friend the Structured Finance CDO.

Though the article is not brief, it is worth the read as Roger dives into the history of the rating agencies, their role in structured finance and the real and perceived conflicts of interest inherent in the rating agencies’ business model.  The article can be found here.