I have been writing as far back as February that hybrid securities on bank balance sheets need to be reassessed.
http://www.bloomberg.com/apps/news?pid=20601009&sid=avUDyRtb9qdI
“By analyzing the lessons learned from these cases, our ratings will now better capture this risk.”
This is coming from Moody's. Yes the same Moody's that used to rate everything AAA, because they themselves knew as far back as 2005-2006 that these institutions were TBTF.
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