Are there things we need to change? Yes. It would be completely disingenuous of me to sit here and try to tell everyone that everything worked perfectly. We and others have to retool our processes. In hindsight, it's clear to us that there were fundamental failures in key assumptions supporting our analytical models.
~ Raymond McDaniel Jr., chairman and chief executive of Moody's Corp., speaking from the World Economic Forum in Davos, January 18, 2008, as reported in Fortune, "Financiers never say 'sorry'," January 25, 2008, by Peter Gumbel