How Rating Agencies Struggled With Growth

Or is it greed? You should read the SEC's summary report below to find out for example about one analytical manager e-mailing to a colleague that rating agencies were creating an even bigger monster -- the CDO market. Let's hope we're wealthy and retired by the time this house of cards falters. ;o)."

Not too sure they managed to retire in time.

Mauritian Banks Survived Financial Meltdown Because of Their Lack of Sophistication

Mortgages here unlike in the US are not securitized (banks selling them to intermediaries which repackage them into instruments of varying risks for institutional investors). And they are not securitized because our financial system is relatively primitive, a lot of players don't give two hoots about satisfying client needs and are instead busy abusing them in more ways than one. Our laws also need to be modified to allow this activity.

Hmm... Maybe not as long as political idiots keep on nominating incompetent people in positions of huge responsibility who don't even know that a government guarantee is the best loan you can get.