Ratings, smatings

"When will they ever learn, when will they ever learn." Okay, so words from an anti-war song perhaps aren't the most fitting, but what the heck is going on?

Moody's is being accused of continuing to inflate ratings, this time by a former ratings analyst? Give me a break! Okay, so we know we have to be suspect of the SEC, a few GIPS Verifiers, and occasionally some accounting firms, but we'd hope that the ratings folks would have "gotten the word"! What good are risk models when the ratings are flawed? A sad commentary, unfortunately.