Aside from banks such as Citigroup, Merrill Lynch and UBS (who between them have dropped more than US$30 billion and counting), some of the biggest victims of the sub-prime credit crunch have been the reputations of ratings agencies, Standard and Poor’s, Moody’s and Fitch. The ratings agencies were again found to be asleep at the wheel, after allegedly failing to adequately acknowledge the risks attaching to collateralised debt obligations.

Bethany McLean, the writer who was the first to out Enron (and recently criticised Macquarie Bank), looks to have again followed the line taken by renowned short seller, Jim Chanos (Chanos has shorted Moody’s stock). McLean, writing in Fortune , explained that: