I just finished watching this last night after recording it the night it aired. I thought it was quite informative, but I feel it glossed over the responibilty of a major player in this mess. They covered how the ratings were assigned triple A, but were very vague as to how this actually happened, and hardly mentioned AIG’s role with the credit default swaps. This is how a large number of these crap CDO’s became triple A rated. AIG guaranteed the loans against default, so the rating agencies rated them much higher. It turned out that AIG only had a fraction of the capitol required to cover the defaults. Credit default swaps were only breifly mentioned, and the show didn’t state how AIG generated most of them.
