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Standard And Poor's: Independent? Unbiased? Not where Too Big To Fail Banks are concerned. Not where to rate the junk they just sit on their butts. Not where the bulk of there money is earned. Their ratings mean nothing regarding quality, Knowing how little analysis and thought Have gone into what has become a farce. That the issuers paid for? Yes, that the issuers bought. Why pay for the illusion that they know what they're doing? Well, why not, if who they're fleecing is just the big banks? Except that eventually the bubble bursts and hurts everyone. Then "rating" resumes as one of Wall Street's more lucrative pranks.
Bob Carlson To 'Bad Credit: How S&P, Moody's and Fitch Helped Cause the Housing Bubble' To 'Justice Department's New Get-Tough Policy Is, Well, Not' To 'Why Isn't Wall Street in Jail?' To 'More Bush League Banks and Bankers in Rhymed Verse' |