We didn’t do an evaluation of them, but some of them are from very, very large firms. They are advising funds in the trillions of dollars across all their different clients. That is the service they are selling, and so they should be—they had better be—in a ...

Well, I think you’ve identified the key problem that many of these funds face, and the important entities in many ways are these investment consultants. At least the funds we looked at all hire one or more of these investment consultants. Many of them are from large, globally active ...

Mike has described how the rating agencies treated structured- credit products; a closely related issue is how investors used these ratings. Did investors rely too much on ratings in making their investment decisions? Did they take false comfort from ratings and not really appreciate the risks they were assuming, leading ...