{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"e613fff5-9eda-4e8d-b348-903e6d630253","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"e613fff5-9eda-4e8d-b348-903e6d630253","id":"e613fff5-9eda-4e8d-b348-903e6d630253","uuid":"e613fff5-9eda-4e8d-b348-903e6d630253","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","normalized_title":"黑箱社会控制金钱和信息的数据法则theblackboxsociety","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","isbns":["9787508655208"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":318,"navigation_url":"https://workshop.closeclaw.top/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253","title_url":"https://workshop.closeclaw.top/ai/title/%E9%BB%91%E7%AE%B1%E7%A4%BE%E4%BC%9A%20%E6%8E%A7%E5%88%B6%E9%87%91%E9%92%B1%E5%92%8C%E4%BF%A1%E6%81%AF%E7%9A%84%E6%95%B0%E6%8D%AE%E6%B3%95%E5%88%99%EF%BC%9DTHE%20BLACK%20BOX%20SOCIETY","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/e613fff5-9eda-4e8d-b348-903e6d630253","page_url":"https://workshop.closeclaw.top/api/ai/books/e613fff5-9eda-4e8d-b348-903e6d630253/page","search_url":"https://workshop.closeclaw.top/api/ai/books/e613fff5-9eda-4e8d-b348-903e6d630253/search"},"page":{"printed_page":155,"pdf_page":174,"physical_index":174,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"8a3cadd094f84eff1e98a86e2077bf8cbd3242526fe74e80cf3100e26e5df945"},"chapter":"第三章","content":"在美国的投资环境中，政府和市场之间存在一种微妙的平衡关系。经济大萧条期间创建的美国证券交易委员会希望能够确保投资者对其承担的风险有着清晰的理解，但政府不想涉足评级和排名投资领域。因此，证券交易委员会注册了一家非营利性的私人信用评级机构，该机构成为国家认可的评级组织。穆迪、惠誉和标准普尔都是重要的国家认可的评级组织。它们将投资项目划分成若干等级，最高级别是超级安全(AAA)，其次是投机性投资，再次，不客气地说就是垃圾债券。\n\n只要评级机构保持诚信、精于业务，“外包”的管理方式可以为政府节省资金并且免去麻烦。但随着时间的推移，这些机构逐渐受到腐蚀。它们所要竞争的业务来源于它们所要评级的公司，这种情况加速了它们的腐败。当出售抵押担保证券的银行家们开始寻找最易变通的评级机构时，这些机构就很难坚持给出客观的统计分析结果了。2005年之前，AAA评级十分难得；仅有1%的AAA评级投资项目会出现问题。但2011年的一份参议院报告显示，“在2006\\~2007年间被评为AAA级的次贷住宅抵押担保证券中，90%都于其后被评级机构降至垃圾债券等级。”\n\n金融算法:皇帝的新代码\n\n第四章\n\n155","previous_page":154,"next_page":156}