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Ratings agencies ignored in Financial overhaul

Posted on 6/18/09 at 1:02 pm
Posted by Colonel Hapablap
Mostly Harmless
Member since Nov 2003
28791 posts
Posted on 6/18/09 at 1:02 pm
LINK

wonderful. THE core cause of the entire problem, and they are the one piece that doesn't get overhauled. Hope and Change.
Posted by kfizzle85
Member since Dec 2005
22022 posts
Posted on 6/18/09 at 1:07 pm to
I don't really want to get into all that because its more of a political discussion, but everything he has proposed thus far is window dressing and/or asinine. It's terrifying how much they either 1) honestly don't give a frick and know they can get away with basically making some shite up that sounds good, or 2) honestly don't know wtf is going on in the first place. @ government, .
Posted by Colonel Hapablap
Mostly Harmless
Member since Nov 2003
28791 posts
Posted on 6/18/09 at 1:18 pm to
both.
Posted by Bowe Knows
Member since Sep 2004
959 posts
Posted on 6/18/09 at 3:48 pm to
Agreed.

No different than the Home Valuation Code of Conduct (HVCC) Coumo had rammed down. In this case, the main cause of the problem (AMCs) were not just ignored, but they were given even more power.
Posted by Mo Jeaux
Member since Aug 2008
63574 posts
Posted on 6/18/09 at 7:57 pm to
quote:

THE core cause of the entire problem


I love it. They were at the center of the dot com fiasco too. It's a great business to be in if you can get it - pay us to rate investments (and we want you to keep paying us, so we're probably not going to give any "bad" ratings), but we're not responsible for the ratings, it's just an opinion, so don't blame us if the investments are worthless.
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