This is inside finance baseball, but important baseball just the same. The credit rating agencies — which supposedly attest to the strength of corporate debt instruments — are also major culprits in the collapse.

Some good reading here on the subject of Moody’s, based on the work of former Arkansas Democrat-Gazette reporter Jonathan Weil. He moved on to a stellar career in financial journalism, now with Bloomberg. Weil chronicled many of Mike Huckabee’s financial shenanigans as governor and, more recently, in exploring his role in a penny stock play.

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