Banks intensify SIV firefighting efforts
Banks are scrambling to revive flagging structured investment vehicles amid downgrades and souring market values. Is there a case to answer for the rating agencies?
"When the bubble burst, a lot of investments that were labelled triple-A turned out to be junk," says Paul Krugman writing in The New York Times. The Princeton economist - and number six on Prospect magazine's list of top public intellectuals - lays the blame for the current crisis with the deceptive promotion of innovative products. That lightening storm of outraged perception appears to have found a conductor in structured investment vehicles.
Rating agency Moody's extended its $130 billion
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