I am interested in "no-one" knew versus my (anecdotally limited) understanding of "well we the ratings agencies all knew we just were not allowed to tell by our bosses"
It seems the sub prime mortgage problem was an industry open secret, it's just that short of regulator action it was not clear what to do. And as we prosecuted nobody the next crises will have fewer whistleblowers.
But I am interested in what might be solutions to regulation - should global financial transparency be a goal? Should removing excess profit from banking be a goal?
It seems the sub prime mortgage problem was an industry open secret, it's just that short of regulator action it was not clear what to do. And as we prosecuted nobody the next crises will have fewer whistleblowers.
But I am interested in what might be solutions to regulation - should global financial transparency be a goal? Should removing excess profit from banking be a goal?
I look forward to Lord Turners book.