E-Mails Show Rating Agency Employees Knew About Bogus Ratings

E-mails from rating agencies, disclosed today at a public hearing at the House Oversight and Government Reform Committee, showed that employees knew that the AAA ratings given out to some of the structured mortgage products they rated were completely bogus.

Here are some of the quotes in the e-mails:

"sold our soul to the devil for revenue."
"Let's hope we are all wealthy and retired by the time this house of cards falters"
"We rate every deal. It could be structured by cows and we would rate it"

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