Crisis Commission Holds Hearing on Credit Ratings

The Financial Crisis Inquiry Commission held a hearing today on Credibility of Credit Ratings, the Investment Decisions Made Based on those Ratings, and the Financial Crisis.  The Commission's website contains written testimony, exhibits and press coverage of the event.  Warren Buffett was one of the key witnesses; according to the press accounts, he provided a "tepid" defense of the rating agencies, while Moody's employees expressed appropriate mea culpas.  See WSJ, Buffett Defends Moody's Managers; NYTimes, Buffett Defends Moody’s at Hearing.