Latest on twitter:
my name is benny. find out more at bwong.net. wrote the iPhone app for Exit Strategy NYC. Narwhals are my favorite. Bold little bastards
"We know that the rating agencies attained their lucrative profits because they gave AAA ratings to nonprime financial derivatives exposed to staggering default risk. A graph of their profits in this era rises like a stairway to heaven [PDF]. We also know that turning a blind eye to the mortgage fraud epidemic was the only way the rating agencies could hope to attain those profits. If they had reviewed even small samples of nonprime loans they would have had only two choices: (1) rating them as toxic waste, which would have made it impossible to sell the nonprime financial derivatives or (2) documenting that they were committing, and aiding and abetting, accounting control fraud."
Being part of this system makes me sick
via William K. Black: The Two Documents Everyone Should Read to Better Understand the Crisis
