The Regulators Response. Richard Gillingham. Who Should We Blame?. Fraudulent mortgage brokers Inappropriately rewarded bankers Complicit rating agencies Naïve regulators Lazy investors. Cracks in the System?.
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The stress of the sub prime experience uncovered real weaknesses in the system
But it would help if you counted contingent exposures!
“The crucial question over the next few days and weeks is how do you mark these positions. I can only hope that we do not muddle through and that we mark to the market”
J. Ackerman Sept 7th 2007
The system has become over dependant on ratings