I see that S&P has downgraded the credit rating of the federal government.
I chuckled when I read this because this is the same rating agency that, along with Moody's, gave sterling AAA ratings to Collateralized Debt Obligations comprised of high risk junk mortgage bonds for years and helped create the housing bubble which burst and sent us into a recession. In the words of Michael Lewis,"A CDO, in their view, was essentially just a pile of triple-B-rated mortgage bonds. Wall Street firms had conspired with the rating agencies to represent the pile as a diversified collection of assets..."
Emphasis mine.
S&P along with Moody's and half of Wall Street should have been driven out of town with brickbats a few years ago for being a bunch of crooked bastards. I wouldn't trust a rating agency as far as I could throw it. So cui bono?
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