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Coding Flaws Caused Moody's Debt Rating Errors

Posted by timothy on from the uh-oh-spaghettios dept.

An anonymous reader writes "The Financial Times has the story that billions in incorrect AAA ratings given out by Moody's were the result of a coding error in its computer models. 'Internal Moody's documents seen by the FT show that some senior staff within the credit agency knew early in 2007 that products rated the previous year had received top-notch triple A ratings and that, after a computer coding error was corrected, their ratings should have been up to four notches lower.'"

7 of 277 comments (clear)

  1. A Moody Bug? by SIR_Taco · · Score: 2, Funny

    Great... sounds like my girlfriend

    --
    I say don't drink and drive, you might spill your drink. Before you get behind the wheel just stop and think.
  2. Yeah right, that's what it was... by Colin+Smith · · Score: 3, Funny

    A coding error.

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    Deleted
    1. Re:Yeah right, that's what it was... by PotatoFarmer · · Score: 5, Funny

      while (true) {
      if (isSECWatching = false) {
      commitEgregiousFraud();
      }}


      Assignment vs. equality check strikes again!

  3. Re:monetary incentive to inflate ratings by spun · · Score: 2, Funny

    Damn it, it can be so hard to count your money with one hand while covering your ass with the other. Sort of like talking out of both sides of your mouth, it takes practice.

    --
    - None can love freedom heartily, but good men; the rest love not freedom, but license. -- John Milton
  4. Re:After the OpenSSL bug by Gospodin · · Score: 2, Funny

    And given how difficult it is to right correct code...

    No kidding! Look how difficult it is to "right" correct English!

    --
    ...following the principles of Heisenburger's Uncertain Cat...
  5. It can't be Coders complaining by cps42 · · Score: 4, Funny

    Any dev worth his salt would be blaming, in order:
    1) The Firewall
    2) The Load Balancer
    3) The Firewall
    4) The Network Routers
    5) The Firewall
    6) The Network Cables
    7) The Firewall
    8) The Network Engineering Team
    long before they figured out it was a Layer 8 issue in the code.

  6. Re:Likely a feature by Dachannien · · Score: 2, Funny

    banking coders tend to be rather cowboy-ish That's because they're always programming in COWBOL.

    *rimshot*

    Thanks, I'll be here all week.