Open Letter To Moody's
For years you folks have been rubber stamping every turd that floats by, with a AAA rating.
I can see how that saves time and money. With one stamp, there are no decisions to make. Trained monkeys could do it. all of those funds and derivatives that crashed and burned were all Triple A. Even though many of us outside of the realm of finance understood that not every bet is a winner, you folks went on rating everything Triple A. You rated both sides of every bet as a winner!
Heck there were times when I half expected that after I put out the garbage, you'd come by and stamp it AAA.
So I wonder, what has inspired you to buy another stamp? Why do you have other ratings now? Doesn't that make your jobs harder, now that you have to make decisions? Didn't you make big bucks labeling all of the best investments and the toxic crap AAA?
Has the well run dry? Does it need a little priming? Is that your strategy?
posted by Weaseldog @ 7:25 AM
3 comments
3 Comments:
Cause the whole false facade is crumbling. The PTB dug themselves a whole that is WAY TOO BIG to "paper" over anymore.
And as the PTB head for the hills the internecine stuff starts. They're starting to knock each other off.
Everything is AAA because the fed will buy anything. (if you know the right people;)
Good point Edgar!
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