“The alchemy that the ratings agencies performed was to spin uncertainty into what looked and felt like risk. They took highly novel securities, subject to an enormous amount of systemic uncertainty, and claimed the ability to quantify just how risky… — Nate Silver Copy Share Image
“The alchemy that the ratings agencies performed was to spin uncertainty into what looked and felt like risk. They took highly novel securities, subject to an enormous amount of systematic uncertainty, and claimed the ability to quantify just how risky… — Nate Silver Copy Share Image
