In its probe of credit rating agencies' practices, the Securities and Exchange Commission collected and reviewed more than 2 million emails and instant messages. Whew! It has uncovered a bevy of "evidence" that reveals some analysts to be very skeptical, even uncomfortable, with the ratings they were handing out. It recalls the probe into tainted Wall Street stock analysts, some of whom were against all those buy ratings on flimsy Net stocks. One email noted by the Financial Times: one product did not capture "half" of the deal's risk, but "it could be structured by cows and we would rate it". Another one referred to an "even bigger monster--the CDO market. Let's hope we are all wealthy and retired by the time this house of cards falters." The big three have agreed to remedial action. But you have to wonder if enforcement action is coming. 

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