by Tanta on 9/24/2007 10:15:00 AM

Via Clyde, a fascinating (well, if you're mortgage- and rating agency-obsessed) discussion from Institutional Risk Analytics. I thought former regulator Thomas Day's remarks on the surreal nature of his own mortgage experience were quite interesting; imagine how surreal it was for those who never worked for the Federal Reserve.

But this is certainly Quote of the Day material:

The next speaker was Sylvain Raynes of RR Consulting, who also teaches at Baruch College in New York. Raynes began by reminding the audience that while it may seem easy to criticize the actions of the major ratings agencies, "most people are trying to find ways to look beyond the rating agencies. Most regulators have stopped believing in them a long time ago, at least five years ago, as far as I can see. But what you cannot do is throw the captain overboard in the middle of a storm because then you become the captain. This is the Caine mutiny strategy.