{ "media_type": "text", "post_content": "Anyone else watch The Big Short? I know the ratings agencies (Moody's etc) played their part in enabling greedy Wall Street firms... but as auditors we played a role too. 👇📉", "post_id": "56d4dcc9705ad90e003b2812", "reply_count": 6, "vote_count": 5, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
null

Anyone else watch The Big Short? I know the ratings agencies (Moody's etc) played their part in enabling greedy Wall Street firms... but as auditors we played a role too. 👇📉

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Interesting thought. However, the causes of the credit and mortgage crisis began in the 1990s with "affordable housing" requirements on Fannie Mae and Freddie Mac. The Federal Reserve also caused an increase in lending through artificially low interest rates. The most blame belongs to 1990s Congress, Pres. Clinton, the Federal Reserve, and Fannie Mae and Freddie Mac.

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The biggest issue we had was that no one knew how to value some of the hybrid and exotic instrument packages. The only comparables were similar instruments so in the end we had to throw up our hands and basically say I guess you banks know what you're doing.

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Google Jim Peterson. He's a lawyer that worked for Arthur Andersen and has written some good articles on this topic. Definitely interesting stuff.

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Read the book, it goes into much more detail than the movie

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jamesrpeterson.com/home/2009/12/invitation-to-a-conversation-if-the-auditors-were-missing-from-the-financial-crisis-lets-ask-why.html

Is something to start with

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