Roger Lowenstein is a very concise analysis of just how what Atrios and I call the “Big Sh%$pile”^* got the high ratings from Moodys necessary for the debt to be resold.

I think that it explains the process in a clear and concise way, though I think that he is far too easy on Moodys.

The process involved is inherently corrupt, since the issuers get to choose their ratings agency.

I would argue that much of this was covered in “Best PowerPoint Ever“, which makes it rather more clear just how corrupt this game was.

^*Only the distinguished gentleman from Philadelphia does not mask out the last two letters of the word “Sh%$”