Moody's and Standard & Poor's have come under heavy criticism for failing to predict the subprime blowup.
On a recent conference call with ratings agency Standard & Poor's, Steven Eisman, a managing director at hedge fund Frontpoint Partners, had a question. Referring to the agency's move to downgrade billions of dollars of mortgage-backed securities, he said, "I'd like to understand why you're making this move today and why you didn't do this many, many months ago."
"It's a good question," responded the S&P analyst.
"You need to have a better answer," said Eisman.
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