Oct 21, 2007

Chanos on the rating agencies

It's a great business model as long as you can get people to pay for it. If they have no predictive power over that which they're rating, then why bother?

~ James Chanos, president of Kynikos Associates, a New York hedge fund with about $3 billion in assets that specializes in short selling, "Moody's Faces the Storm," The Wall Street Journal, July 10, 2007

No comments: