DISQUS

alex morfesis · 1 year ago

yeah, well, what is really scary is how this whole thing fell apart, not that it was not flimsy, but that it fell apart as a revenge play the old LTCM crew who targeted Bear Stearns for what was done over 10 years ago(focus on what happened to those mortgage pools that crashed in june of 2007)...the fact of the matter is that the losses and grey mortgages were within a workable range, since most loan pools have a percentage of debts that are nicely known as scratch and dent...but this mess has gotten way out of hand...the emperor has no clothes, but he never did...these ratings agencies have been doing this for over 50 years...there is nothing new here...the ratings agencies have been allowed to create these rules that preclude, by government decree, certain funds from EVER making it to main street...Lobbyists for investment banking interests have long ago created rules that required AAA ratings for certain funds to be invested...well, it seems that these AAA ratings have never been handed out, but to a few chosen few...less than 1000 groups in the US, thus allowing small companies to be denied access to capital markets since these phony rules forcing money to only be invested in AAA rated issuers was designed to preclude people from growing...But it was always a joke...these rating companies have NEVER done any real work..they just went off to the golf course and have always handed out these Licenses to steal to only a select IVY league few...It will probably not come to pass, but if there is a new force in requiring that these rating agencies be forced to allow expansion/competition...they have an effective monopoly license handed to them by the SEC and the Republicrat party that has allowed this lobbyist party to go on for so long....how funny to see all this finger pointing... no one is asking how the SEC and major accounting firms have allowed these Derivatives to exist without proper disclosure...what a laugher this has become...everyone looking for someone else to take the sword...at least the japanese leaders are man enough to face up to what they do and when caught have been known to literally take a sword...here in the US, "men" hire a PR firm to bounce the focus to some other group or organization and wait for the corporate media types to move on to the next brittany or madonna story...how about them rays...

Hammer · 1 year ago

So now we know what these agency ratings are worth... ZERO. Not worth the paper they're printed on. Would anyone in their right mind trust these people or the market EVER AGAIN? I know I won't.