Re:Ireland jails three top bankers over 2008 banking meltdown
by nl on Sunday July 31, 2016 @06:34AM
(#12196367)
Arguably it was the ratings agencies that should have been prosecuted.
They certified many, many unsafe investment as "AAA rated", when they should have asked questions.
The few people who did pick the crash did exactly what the rating agencies were supposed to do - they dug through the paperwork, found out what was backing each investment and saw how bad they were.
One might argue that they couldn't because they were paid by the banks. I say that is a separate issue to what could be argued was either careless or fraudulent behaviour.
They certified many, many unsafe investment as "AAA rated", when they should have asked questions.
The few people who did pick the crash did exactly what the rating agencies were supposed to do - they dug through the paperwork, found out what was backing each investment and saw how bad they were.
One might argue that they couldn't because they were paid by the banks. I say that is a separate issue to what could be argued was either careless or fraudulent behaviour.