the AAA certification of sub-prime junk debt in 2008?
nitpick: it wasn’t the debt that was AAA rated, it was certain derivatives based on the debt (which is much less unreasonable. That the AAA rating was undeserved does not follow simply from the fact that the underlying morgages were sub-AAA.)
nitpick: it wasn’t the debt that was AAA rated, it was certain derivatives based on the debt (which is much less unreasonable. That the AAA rating was undeserved does not follow simply from the fact that the underlying morgages were sub-AAA.)