This book is highly recommended, at least by me, as a definitive introduction to the behind-the-scene activities that lead to the subprime crisis. It details how the big 3 rating agencies - Moody's, Fitch, S&P - were deeply involved in the mess.
These rating firms have no business nor the credibility giving out ratings on the Philippines or any other country. They rated Lehman's bonds highly and left investors clutching worthless bonds. And they are still on the roll.
What's worse is that Fitch is doing its rating game again in the Philippines; Moody's adds its voice to make a duet and S&P chimes in to complete a chorus.
