You are off base. Go with Stein on this one.
Every financial institution was fudging ratings to pump out business. There wasn’t and isn’t a single source of reliable information available for outside investors to make properly informed decisions on incredibly obfuscated investment vehicles.
Like I said, he is ill-informed. I gave reasons. You haven't addressed any of my points. Just saying I am "off base" isn't an argument, and I'm not going to "go with" someone who admittedly doesn't know what he is talking about.
Every financial institution was fudging ratings to pump out business.
Moody's, Fitch etc. are the entities that rate these things. Everybody agrees that their ratings methods were horribly flawed. If you want to blame someone, blame them.
There wasn’t and isn’t a single source of reliable information available for outside investors to make properly informed decisions on incredibly obfuscated investment vehicles.
1. This is true, and again, is a reason to direct your ire at the ratings agencies.
2. All the more reason why investors who couldn't afford the risk should have stayed away.