Moody's (MCO) Locks Barn Door After Horse Gone

Moodys

Moody’s Investor Service (MCO) did what Wall Street research firms often do for investors (don’t I know it), which is tell them that the value of securities they own have plummeted.  Yesterday, the Post says, Moody’s downgraded $1.5 billion-worth of sub-prime mortgage securities, months after the mortgage industry collapsed.

Every market crash is blamed on someone, and as Doug McIntyre of 24/7 Wall St has suggested, Moody’s, McGraw Hill, and other “independent” ratings services may  take it on the chin for this one.

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