Sublime

Moody’s, S&P, and Fitch are three of the others, and they have had almost all the market share; S&P and Moody’s each rated almost 97 percent of the CDOs that were issued prior to the financial collapse.24 One reason that S&P and Moody’s enjoyed such a dominant market presence is simply that they had been a part of the club for a long ti

In 1938, John Burr Williams published a book called The Theory of Investment Value, a seminal articulation of the usefulness

In the words of Bill Gross, who runs the world’s largest bond fund at the Pacific Investment Management Company (PIMCO), ‘bond markets have power because they’re the fundamental base for all markets. The cost of credit, the interest rate [on a benchmark bond], ultimately determines the value of stocks, homes, all asset classes.’

Eisman concluded that “S&P was worried that if they demanded the data from Wall Street, Wall Street would just go to Moody’s for their ratings.”*