According to the FT:
“We have no reason to believe that our record [with computer bugs] is unusual,” Mr Cantor [of Moddy’s] said, noting that bugs often appear in software development throughout the computing world.
Indeed, that a bug existed is not unusual, that it took over a year to fix is not unusual. That is may have lost companies lots and lots of money probably isn’t even unusual.
I don’t know what’s worse, that fact that this situation is regard as “usual” in the industry or that Moody’s are using everyone else’s failings to excuse their own.
We – well some of us at least – know the solutions, we can fix this, but if Moody’s and the rest of the industry accept this as “normal” what’s the point?